Investors Management Group, Inc. (IMG) acquired Waterleaf, a 230-unit apartment community in the northern Greater Miami Area, approximately 50 miles north of West Palm Beach. IMG, as sponsor, purchased Waterleaf with a Tenant-In-Common ownership group that included five 1031 Exchanges.
IMG and its investors purchased Waterleaf for $26,750,000 in Port St. Lucie, Florida and will execute a business plan to upgrade the property. The $2.6 million capital improvements budget includes renovations to the clubhouse, pools and landscaping, as well as upgrades to the apartment interiors. The upgrades will enable Waterleaf to capitalize on its enviable location in the center of a medical hub and on its highly sought after townhome floor plans.
This marks IMG’s sixth acquisition in Southeast Florida in this cycle.
“We pursue markets that have not hit their peak,” said Neil Schimmel, IMG’s president and CEO. “Waterleaf fits perfectly our investment target. Rents are affordable in relation to area income, and there’s strong run room for growth given jobs and population growth. Once we execute our business plan, we believe residents will have an improved lifestyle and our investors will have a solid return on their investment.”
Occupying an area of 120 square miles on Florida’s east coast, Port St. Lucie is best known for its award-winning PGA Village golf resort and for hosting the New York Mets’ spring training camp. Waterleaf is situated 0.4 miles from a prominent, award-winning medical center employing 800 staff and 350+ physicians.