Raleigh Investment Properties IMG Seasons at Umstead

The Seasons at Umstead marked IMG’s 7th multifamily investment property in North Carolina since 2015. This 244-unit luxury multifamily community is a core-plus asset uniquely positioned to benefit from continuing organic rent growth. A strategic “tech upgrade” interior renovation plan is designed to capture an upscale renter demographic within Northwest Raleigh’s Research Triangle Park submarket.

  • Closed: September 2019
  • Anticipated Hold Period: 5 years
  • Location: 8531 Summersweet Ln, Raleigh NC 27612
  • Units: 244, Garden Style Multifamily
  • Year Built: 1998
  • Total SF: 242,160
  • Unit Mix: 1, 2 & 3-bed
  • Average Unit Size: 992SF

TARGETED FIVE-YEAR PROJECTIONS

  • Avg Annual Cash-on-Cash Return: 7.95%
  • IRR: 14.22%
  • Equity Multiple: 1.83x

INVESTMENT HIGHLIGHTS

  • #1 BEST PLACE TO RENT IN AMERICA (The Triangle), Forbes Apr 2018
  • $113,375 Average Household Income within 1-mile
  • 8.2% PROJECTED POPULATION GROWTH (2019-2024) within 1-mile
  • Immediate access (1-mile) to William B Umstead State Park, 5,600 Protected Acres with over 1 million annual visitors featuring 22 miles of hiking trails, 3 recreational lakes
  • Back door access to Raleigh-Durham International Airport (5 miles)
  • 34,000+ Glenwood Avenue Corridor Jobs
  • Research Triangle Park (RTP), the largest research park in the United States, is a 15-minute commute from The Seasons at Umstead. RTP covers 7,000 acres, RTP is home to more than 300 companies that employ 55,000 workers (plus an additional 10,000 contractors).
  • 6.3% 12-mo EFFECTIVE RENT GROWTH, Northwest Raleigh Submarket, CoStar July 2019
  • TOP 3 CITIES TO WORK IN TECH SmartAsset, June 2019
  • With a CapEx budget primarily dedicated to raising all 244 units to premium or ultra-premium levels, IMG will enhance unit interiors with technology and cosmetic upgrades to continue capturing a high-end renter segment.
  • $316,990 – AVERAGE HOME VALUE within 5 miles
  • #5 BEST SCHOOL DISTRICT IN NORTH CAROLINA (of 116 total) Niche.com July 2019
  • EXPERIENCED SPONSOR – $210M Total IMG Transaction Volume in North Carolina, 2015-2019
    View IMG’s Past Investments – Track Record
  • “Raleigh-Durham’s educated labor pool and burgeoning technology sector are a magnet for employers and investors. Most forecasts are for the Raleigh-Durham market to continue to experience excellent job growth, population growth and an increasing and expanding economy. So as long as that happens, we’ll continue to see the robust supply being delivered get absorbed.” MultiHousing News, March 2019 – “Why a Smart Investment Strategy Includes the Triangle”
  • According to a recent study by Entrata, more than 57% of residents nationwide are willing to increase their rent by at least $20 to have a “smart apartment,” and approximately 25% are willing to increase their rent by more than $31 per month.

 


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 communication 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. Prior to subscribing, each investor must receive, read and fully understand the PPM which contains important disclosures, financial assumptions and risk factors, including, but not limited to, those risks set forth in the section of the PPM entitled “Risk Factors”. Each investor must base its decision to invest solely on the PPM, may rely only on the information contained in the PPM and should seek advice based on the investor’s particular circumstances from their own independent advisors. Past performance of IMG-sponsored investments may not be indicative of future results.