The two properties sold by the Warner Center company are Millbrook Apartment Homes, a 117-unit community at 2121 Paces Forest Court; and Lynn Lake Apartment Homes, with 101 apartments at 6500 Paces Arbor Circle.
“IMG and its investors will exchange the proceeds into several multifamily communities as part of its strategic multifamily investment plan,” said the firm in a statement.
IMG acquired the portfolio in 2018 for $23.2 million. Another $2 million in capital had been invested to upgrade the properties. Value-add projects at the pair of properties included upgrades to the clubhouses and improvements to the outdoor spaces with new dog parks, playgrounds, hammock park and pool-area upgrades.
IMG also modernized the interiors of each unit, installing energy-efficient lighting and low-flow plumbing fixtures as well as providing new paint, flooring, cabinets and cabinet hardware.
“IMG has been a long believer that our market analysis is second to none, being a leader and not a follower when forecasting the growth of an area,” IMG Chief Executive Neil Schimmel said in a statement. “We’ll continue to target the Triangle for new acquisitions. Raleigh’s demographic, employment and economic momentum is still going strong.”
IMG currently owns three multifamily communities in Raleigh totaling in 576 units.