Woodland Hills, CA – February 25, 2020 – Investors Management Group, Inc. (IMG) today announced the sale of Bridges at Quail Hollow, a 90-unit townhome community in Charlotte for $14,500,000. The property, built in 1982 and located at 7561 Quail Meadow Lane, was acquired by IMG less than three years ago for $10,750,000.
IMG acquired the asset with a business plan to install new management and invest in capital upgrades to improve unit interiors, refresh the exterior appearance and add community amenities. IMG achieved rent increases of $150 – $200 per unit per month as a result of its successful investment execution.
IMG’s extensive renovation of nearly 60 percent of unit interiors included the addition of stainless steel appliances, new kitchen cabinet fronts and countertops, new lighting and new flooring. To enhance site amenities, IMG replaced the tennis court with a community plaza featuring BBQs and playground, added new landscaping and upgraded the pool area.
“Bridges at Quail Hollow features an excellent location with 90 spacious units on 11 wooded acres, which originally attracted us to the property,” said Director of Acquisitions & Dispositions at IMG, Kevin Cook. “It offers a private park-like feel but also sits centrally within the expanding employment and retail offerings of South Charlotte.”
Bridges at Quail Hollow represents IMG’s second sale in the Charlotte market in the last two years.
IMG identified a unique opportunity to purchase a B-quality asset in an upscale neighborhood with strong upside in rents. IMG’s business plan included value-add components such as unit interior renovations and community amenity enhancements.
IMG executed on the value-add business plan and captured sale proceeds well-above our estimate over the three-year hold period.
By far the largest city in North Carolina, Charlotte‘s population has expanded at a pace three times faster than the National Index average over the last decade and is forecasted to hit the 3 million mark by 2030.
Bridges at Quail Hollow is located in the wealthy and rapidly growing SouthPark area ($92,000/avg. household income). The prestigious, neighboring Quail Hollow Club is set to host the 2017 PGA Championship.
“The Queen City is shining bright and enjoying healthy market fundamentals.”