324 Units — Charlotte
Canopy at Baybrook
Year built: (Phase I) 1986/(Phase II) 1988
Location: Charlotte, North Carolina
Acquired: February 2019
Purchase price: $50.3 million
1031 exchanges: 6
Equity invested: $19.1 million
CapEx budget: $2.9 million
In the News
Charlotte Community Trades for $46M − Multi-Housing News
Investment firm plans upgrades at south Charlotte apartment property after $45.5M purchase − Charlotte Business Journal
Canopy at Baybrook marked IMG’s 7th acquisition in North Carolina and its 23rd in the Southeastern United States.
The 324-unit property boasts close proximity to two of the city’s most coveted neighborhoods: Ballantyne and South Park. A high concentration of growing employers is found along the Ballantyne, South Park and the Highway 51 corridor all within a 15-minute drive of the property. Families are moving to this neighborhood for its zoning within some of Charlotte-Mecklenburg County’s top “A”-rated schools.