IMG acquires its 8th apartment community in Raleigh
Investors Management Group Expands its North Carolina Portfolio with 188 units in Northwest Raleigh
Woodland Hills, CA – December 19, 2019 – Investors Management Group (“IMG”), a West Coast-based real estate investment and asset management firm, has closed the off-market acquisition of Lexington Farms Apartments, a 188-unit community in Raleigh, North Carolina.
At a purchase price of $28 million with planned improvements of $2.2 million, the value-add property was purchased with a tenancy in common structure. Four investors acquired ownership via 1031 exchanges.
The property will be rebranded as Livingston at Laurel Hills, with enhanced marketing to appeal to Northwest Raleigh’s vibrant collegiate and professional tenant base.
Livingston at Laurel Hills represents IMG’s 25th acquisition in the Southeastern U.S., and 8th in North Carolina. With this acquisition, the company has added over 1,000 units to its portfolio in 2019. IMG has directed $1.4B in multifamily transactions nationally since 2010.
Located at 3409 Mill Tree Road, the apartment community sits 13 miles from Research Triangle Park—home to more than 300 bioscience and tech companies employing 89,000 workers. Research Triangle Park is branded as a technology mecca, currently ranked third behind Silicon Valley and San Francisco in tech industry share. Livingston also offers back-door access to the Crabtree Valley Mall, Umstead State Park and the Raleigh–Durham International Airport.
“We have a strong track record identifying attractive economic and demographic fundamentals in emerging ‘sun belt’ markets,” said Director of Acquisitions & Dispositions Kevin Crook. “With a short commute from tech and bioscience jobs, shopping and outdoor recreation, we expect the planned improvements will appeal to the higher-income demographic and support high occupancy and rent growth.”
For more information, please call IMG at (747) 262-5600 or email email@example.com.