CIM buys White Plains apartments weeks after Tysons sale

CIM Group has made its first investment in Westchester County, buying 51 South, a 134-unit apartment community in White Plains, N.Y., with Hulic Co. as partner, first reported by IREI. The eight-story building at 51 S. Broadway, completed in 2025, rents studio, one- and two-bedroom units and includes more than 20,000 square feet of amenities with co-working space, lounges, and sports and recreation areas. Shaul Kuba, a co-founder and principal at CIM, described the acquisition as an addition to the firm's New York portfolio and its first in the county.

The unit count is modest for a firm that says it has made roughly $4 billion of equity investments across more than $10 billion in total project value in the New York metro since 2010, but the deal arrives directly after a larger trade that gives it context. PWD's records show CIM's prior transaction, completed in late August, was the $77.5 million sale of Tysons office towers to Finmarc Group, a trade priced at $168 per square foot and a marker on distress in suburban office. Within the same fortnight, CIM has sold a suburban office landmark and bought a brand-new suburban apartment building in a county it had never entered.

Sequence is not strategy, and one $77.5 million disposition does not dictate where CIM deploys its next dollar, but the firm has spent more than 15 years in the New York area as an owner, operator, lender, and developer across property types. The two trades sit together naturally: CIM accepted a clearing price for Northern Virginia office, then turned around and bought residential product in a suburban New York county.

One 134-unit building is better read as a probe than as a rotation, the cheapest way for CIM to test whether Westchester can support the kind of institutional multifamily product it wants to own. The amenity package, which includes co-working and lounges, points squarely at renters who might otherwise choose the city, so the bet is on the commuter, not just the building.

If another Westchester acquisition follows, the Tysons sale will look less like a retreat from the suburbs and more like the funding leg of a deliberate swap into suburban housing. The first data point is in, and it points toward apartments.