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Sold

Portfolio, Sold

Sold: 200 units • Tampa MSA

IMG Announces $16.5M Multifamily Sale in Tampa MSA Woodland Hills, CA – January 15, 2019 – Investors Management Group (“IMG”) announced its successful sale of Clearwater Oaks, a 200-unit multifamily property located in Clearwater, Florida. The property includes 23 buildings on a wooded 11-acre site at 1121 Druid Road. Clearwater Oaks was recapitalized by IMG in February 2017 at a price of $12,025,000 ($60,125/unit). The property sold January 15, 2019 for $16,575,000 ($82,875/unit), generating an IRR…

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Portfolio, Sold

SOLD: 90 units • Charlotte

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…

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Portfolio, Sold

SOLD: 168 units • Seattle MSA

Orion in the news: “15-story apartment building in the Stadium District is getting a multimillion-dollar makeover” Read full story The downleg property, Forest Creek Apartments (a 92- unit community in Kent, Washington) had an impending loan maturity in July 2014. The ownership group was comprised of six Tenant-In-Common (TIC) owners whose investment goals were no longer aligned. The decision was made to sell rather than refinance. THE CHALLENGE: The property was well located but in…

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Portfolio, Sold

Sold: 219 units • Atlanta MSA

Ansley Place Acquired: July 2014 Price: $21,050,000 Units: 219 Year Built: 1985 Ansley Place Apartments offers one, two and three-bedroom apartment homes centrally located in Sandy Springs, GA (Atlanta MSA) close to abundant shopping, dining, schools, parks and entertainment options. The property features a resort-style swimming pool, tanning deck, lighted tennis courts, barbecue grilling areas, business center and children’s adventure park.   Save

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Portfolio, Sold

Sold: 322 units • Denver

322 Units – Denver Boulder Crossroads (fka Briarwood North) Investors Management Group, a private California-based real estate investment firm, has announced the sale of its interest in a 322-unit apartment community located in Denver, Colorado on August 1, 2018. Based on a recent MAI appraisal of $50M for the property, the project would have generated a 48% project level IRR over IMG’s four-year hold. IMG acquired the 322 units in July 2014 for $24.2M and invested…

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Portfolio, Sold

Sold: 168 units • Norfolk

The Lafayette “A Riverfront Apartment Community” 4601 Mayflower Rd, Norfolk, VA 23508 Units: 168 Sale Date: May 8, 2018 Sale Price: $17M Per Unit: $101,190 Buyer: Buligo Capital Acquisition Date: July 2014 Purchase Price: $13M INVESTMENT HIGHLIGHTS Value-add Multifamily Opportunity Built in 1963, The Lafayette is a 168-unit high-rise apartment community composed of one, two and three-bedroom apartment homes located in the heart of Norfolk.   IMG spent over $1.1M on a capital improvements program, which…

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Portfolio, Sold

Sold: 586 units • Atlanta MSA

American Landmark has acquired Madison at River Sound, a multifamily community in Atlanta’s suburb of Lawrenceville, Ga., from Investors Management Group Inc. Read the Full Article in Multi Housing News Date Acquired: March 2015 Purchase Price: $58,550,000 Sold: February 2018 Sale Price: $77.3M Located at 980 Walther Blvd., the 586-unit community features one-, two- and three-bedroom floor plans ranging from 714 to 1,523 square feet. Constructed in 1997, the property was 94 percent occupied at…

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Portfolio, Sold

Sold: 574 units • Charlotte

SOLD MARCH 2018 Multi-Housing News March 30, 2018 FCP has acquired the Reserve at Providence, a 574-unit, garden- and townhome-style apartment community in Charlotte, for $60.8 million The Reserve at Providence is a 574-unit garden-style community that includes a dog park, a picnic area and three pools. Save Save Save

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Portfolio, Sold

Sold: 357 units • Tampa

Captiva Club   Acquired: 06/23/14 Purchase Price: $24,750,000 Cap Improvements: $3,208,000 Sale Date: 10/25/16 Hold Period: 2.3 yrs Sale Price: $34,256,000 Project IRR: 27.4% Project EM: 1.70x   Save Save Save Save Save

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Portfolio, Sold

Sold: 240 units • Seattle MSA

Sunset View Seattle MSA   Acquisition Date: 03/31/14 Purchase Price: $21,920,000 Capital Improv.: 1,960,000 Sale Date: 09/30/16 Hold Period: 2.5 yrs Sale Price: $33,600,000 Project IRR: 41.5% Project EM: 3.46 x Investor IRR: 34.8% Investor EM: 3.15 x

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