322 Units – Denver

Boulder Crossroads (fka Briarwood North)

Investors Management Group, a private California-based real estate investment firm, has announced the sale of its interest in a 322-unit apartment community located in Denver, Colorado on August 1, 2018. Based on a recent MAI appraisal of $50M for the property, the project would have generated a 48% project level IRR over IMG’s four-year hold.

IMG acquired the 322 units in July 2014 for $24.2M and invested approximately $2 million of capital improvements into the property during its hold.

According to Neil Schimmel, IMG President & CEO, “We pursued this opportunity in Denver based on our key metrics of affordability and forecasted market growth. The strong results demonstrate the strength of our value-add multifamily investment strategy and our ability to deliver returns for our investors.”

 

 

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IMG sold its interest in the property (actual property not sold). Sales price used for the above analysis was as per the MAI appraisal for the property.