The coastal Southern states are proving to be big business for one Warner Center group. Woodland Hills-based real estate firm Investors Management Group Inc.
has just sold a two-property multifamily portfolio in Raleigh, North Carolina to Abacus Capital Group for $29.8 million.The two properties sold by the local 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 now owns three multifamily communities in Raleigh totaling in 576 units.North Carolina is not the only Southern state that IMG has tapped into.
In late January, the real estate firm announced that it had acquired an Atlanta apartment complex for $42.9 million called The Veridian at Sandy Springs Apartments, located at 1800 Windridge Drive in Sandy Springs, Ga., The gated community, which includes a renovated clubhouse, fitness center, pool and picnic areas, consists of 17 buildings with 1- and 2-bedroom units that recently received more than $5 million in upgrades.At the time, IMG said that it had plans to invest an additional $2.3 million in capital improvements.“We see a great deal of upside potential in this affluent Fulton submarket boasting a $128,000 average household income,” IMG Acquisitions Director Kevin Crook said in a contemporaneous statement.IMG has purchased 2,500 units in Georgia since late 2013, totaling $233 million in acquisitions across Lawrenceville, Duluth, Marietta, Sandy Springs and Buckhead.
Schimmel said in January that the Atlanta deal “demonstrates investor confidence in Atlanta as a Sun Belt magnet at the forefront of the economic recovery. Year-over-year rent growth is well above the national average. Transaction activity may have paused early in the pandemic, but it’s back in surge mode.”
Investor Sells Southern Multifamilies
