Update – July 11, 2019: This offering is closed.
For information, contact Dave Mikkelsen at (971) 888-4010 ext. 108.
The property’s current name, Amber Mill, has been changed to Amberlake Village as part of the asset repositioning. The hold period is anticipated to be a 5-year hold.
Amberlake Village marks IMG’s eighth value-add acquisition in the Atlanta Metro since 2013. Solid housing fundamentals, economic growth and attractive asset pricing have made Atlanta IMG’s most active investment market with more than $440M in transactions completed over the past six years.
IMG identifies Amberlake Village as another quality multifamily investment with the characteristics that made its prior value-add acquisitions in Atlanta successful: purchasing at a price below-market, executing a repositioning plan with cosmetic improvements to drive rents, and capturing income and appreciation growth in a rising submarket.
- Location: 2906 Old Norcross Rd., Duluth, GA 30096
- Units: 264
- Year Built: 1985
- Occupancy: 95% (May 2019)
- Avg Unit Size: 1,200SF
- Unit Mix: 1, 2 & 3-bedroom (90% townhomes)
ECONOMIC CAPITAL OF THE SOUTHEAST
Atlanta is a global business hub and one of the fastest growing metros in the U.S. The city added nearly 90,000 new residents between 2016-2017, ranking it as the 3rd-fastest growing metro (US Census, 2018).
Corporate facility investors and site consultants awarded Georgia as the #1 state for business climate four years in a row and the #1 state for business three years in a row. A total of 26 companies listed on the Fortune 1000 maintain headquarters in Atlanta, placing the city behind only NYC and Houston. More FORTUNE 500 companies have headquarters in Atlanta than Dallas and Nashville combined.
$2B+ CURRENTLY IN DEVELOPMENT ACROSS GWINNETT COUNTY
Large-scale developments are in progress minutes from this Duluth property. Notable projects include the 118-acre Revel mixed-use development, Legacy Park office development, expansion of the Infinite Energy Forum, and the $200M Southlawn project in Lawrenceville.
IMPRESSIVE SUBMARKET FUNDAMENTALS
The immediate submarket has averaged 6.5% yr-over-yr effective rent growth the past five years (Axiometrics). Roughly 125K new residents entered Gwinnett County since 2010, while only 4,000 new multifamily units were added, representing a new resident to unit delivery ratio of 27:1 (Atlanta Regional Commission).
The property is just minutes from the PGA Tour affiliate TPC Sugarloaf, one of the most coveted private clubs and courses on the East Coast. Nearly 200 homes with home values of $500K+ within a 3-mile radius of Amberlake Village have sold in past 12 months.
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.