Real estate investment company CIM Group recently purchased large apartment community Southern Towers, Costar first reported, but what’s unclear now is what that means for affordable housing in the city’s West End.
Southern Towers is a 2,261-unit apartment complex that is one of the city’s last large bastions of market-rate affordable and committed affordable units — units that are required to remain at a certain affordability. Helen McIlvaine, director of the city’s Office of Housing, said Southern Towers has 105 committed affordable units that were mostly established in the mid-2010s.