Sold: 200 units — Tampa Metro
Year built: 1949
Location: Clearwater, Florida
Purchase price* (2017): $12 million
Equity invested: $3.6 million
CapEx budget: $664K
Sale price (2019): $16.5 million
- IRR: 44.2%
- Equity multiple: 1.93x
In the News
IMG renovated 75% of townhome interiors and directed a “green” initiative to incorporate water and energy-saving features. IMG also enhanced community amenities by adding a fitness center and bark park and renovating site laundry facilities.
During the hold period, occupancy improved from 80% to 98%.
Upon sale, IMG sourced and sponsored a replacement multifamily asset. All Tenants in Common (co-owners) exchanged into a 324-unit “B” asset in Charlotte, North Carolina. It allowed the investors to position themselves in a better amenitized property in an “A” rated, high-growth location.
The sale marked IMG’s 13th disposition in the Southeast U.S. region.