IMG Expands its Portfolio to 2,234 Units with Canopy at Baybrook Acquisition
Woodland Hills, CA – February 27, 2019 – Investors Management Group (“IMG”) successfully acquired the 324-unit multifamily community currently known as Reafield Village in Charlotte, NC.
IMG sponsored a group of more than 100 investors, including 1031 exchange buyers, in this syndication.
The property is located at 6609 Reafield Drive, in an affluent South Charlotte neighborhood near major employment centers. IMG will rebrand the property as “Canopy at Baybrook” and invest $3M in comprehensive upgrades to position the asset as a luxury-value community. Apartment interiors will be upgraded, community amenities expanded and new management put in place as the asset receives a major refresh.
The community’s one- and two-bedroom units offer floor plans ranging from 619 to 955 square feet. Property amenities include two clubhouses, three swimming pools, a tennis court, business center, and two fitness centers. As of February 1, the asset was 97% occupied and benefitting from steady rent growth.
“We’re thrilled to acquire an asset of this caliber in such a desirable South Charlotte location. This purchase hits our IPA investment target for us and our partners. The improvements we’re making to the property will deliver great value and lifestyle features to our residents,” said Neil Schimmel, CEO of IMG.
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”). Past performance of IMG-sponsored investments may not be indicative of future results.