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.”
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.