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Canopy at Baybrook marked IMG’s 7th acquisition (1,350 units) in North Carolina and its 23rd in the Southeastern U.S. in this cycle, representing 5,378 total units.
Dynamic South Charlotte location
The Property boasts close proximity to two of the city’s most coveted neighborhoods: Ballantyne and South Park. More than 143,000 jobs are located in Ballantyne, South Park and the Highway 51 corridor all within a 15-minute drive of the Property. Families are moving to this neighborhood for its zoning within some of Charlotte-Mecklenburg County’s top “A”-rated schools.
Positive operating trends
The property is leased at 97% as of February 1, 2019.
Charlotte’s population is forecasted to grow by 21% in the next 10 years, making it the third-fastest growing MSA in the United States.
Robust job creation
Charlotte was recently named the nation’s No. 1 Tech Town with 11% growth in IT jobs forecasted over the next five years. Ballantyne Corporate Park is the main driver of demand in South Charlotte, containing more than 35 Fortune 500 companies. Located 10 minutes from the Property, it is easily the largest corporate park in the metro at 4.5 million SF, which added 1 million SF and an estimated 3,000 new jobs in the last six years with another 900K SF in the pipeline.
Low risk of new competitive supply
Canopy at Baybrook enjoys an in-fill location surrounded by desirable single-family neighborhoods where no new apartment construction has occurred since 2001.
The Property occupies a low-density, 30-acre site on Reafield Drive offering exceptional monument signage visibility to over 32,000 cars daily on Highway 51.
Bordering Canopy at Baybrook is Challis Farm, one of Charlotte’s few gated luxury communities. Situated on Challis Lake, this subdivision is home to high profile Charlotteans and professional athletes and offers private golf-course access to the prestigious Carmel Country Club.
IMG is directing a $2.9 million capital improvement program within the first 24-36 months of ownership to complete interior upgrades such as faux quartz countertops, modern lighting, fixture packages, framed mirrors and fireplace tile surrounds and mantels. Additional enhancements to community amenities including the leasing office, community buildings, fitness centers, pool areas, playground, sport courts and dog park will be completed.
UPDATED INVESTMENT SUMMARY with a 5-YR Hold:
- Targeted Investor IRR: 15.4%
- Targeted Equity Multiple: 1.93x
- Targeted Avg Cash-on-Cash: 7.6%
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This Offering Memorandum was written and is being presented solely to support the promotion or marketing of IMG and a possible future offering of securities in an IMG sponsored project (the “Offering”). All offers and sales of any securities will be made only to Accredited Investors through a Confidential Private Placement Memorandum and any exhibits and attachments thereto (collectively, the “PPM”). This Offering Memorandum is not the PPM, and is not intended nor shall it be construed to be an offer to sell any securities. No PPM will be presented to you unless and until IMG has first been able to validate your status as an Accredited Investor.