Investors Management Group, Inc. completed its second and third acquisitions in Raleigh, North Carolina with the closing of Millbrook Apartments (117 units) and Lynn Lake Apartments (101 units) for $23M. This brings IMG’s total multifamily acquisitions in Raleigh’s North Hills neighborhood to $37.5M or 362 units in the last year.

IMG will operate the 218 units, constructed in 1986, as a single property. It plans to invest $2.13M in capital within the first 18-24 months of ownership to improve exterior amentities and renovate all remaining outdated unit interiors. IMG funded this acquisition with 41 investors including 5 exchanges and 7 self-directed IRAs.

Sale Date: June 12, 2018
Sale Price: $23,050,000
Per Unit: $105,734

North Carolina’s Research Triangle Tops Forbes’ 2018 List Of The Best Places To Rent

INVESTMENT HIGHLIGHTS

Strategic Location

Millbrook & Lynn Lake are located just 20 minutes from Research Triangle Park (“RTP”), the most significant employment center in the Raleigh-Durham market. More than 200 companies—including IBM, Fidelity Investments, Cisco Systems, and Nortel Networks—provide employment to over 50,000 people.

In addition, both properties are situated within an education epicenter close to 189,000 college students from three Tier-1 Research Universities – Duke University, NC State University, and the University of North Carolina at Chapel Hill – producing 50,000+ graduates annually.

Strong Market Fundamentals

Roughly 3,036 people per month– or 98 people each day– are moving to the Triangle. Wake County is projected to reach 2 million residents by 2054.

According to the latest Milken report, “The region has experienced strong job and wage growth in recent years, and short-term job gains indicate that economic momentum remains strong.” Raleigh was recently named the “No.1 Place Where Americans Are Most Satisfied Renting” and in November 2017, Forbes listed Raleigh as a Top 5 “Tech Hub That Millennials Prefer To Silicon Valley.

Significant Upside Potential 

Comparable properties in the North Raleigh submarket have demonstrated that upgrading properties can have an immediate lift in rents and quality of renter. IMG’s modernization plan will elevate rents that are already growing organically.

Market Timing

IMG believes the multifamily sector in Raleigh is poised for significant growth in rents and values, given market fundamentals, employment and population growth.

Experienced Sponsor

IMG has a 25-year history of multifamily acquisitions in the Southeastern U.S. totaling over 15,000 units. The acquisition of Millbrook & Lynn Lake Apartments resulted in the Company owning 362 units in close proximity in Raleigh, thus creating synergies that will enhance performance and reduce costs.

IMG NC 1031 Exchange TIC Multifamily Raleigh

FOR MORE INFORMATION: Karlin Conklin Executive Vice President Investors Management Group, Inc. (971) 888-4010 ext. 104


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