IMG acquires its eighth Metro Atlanta investment property
Woodland Hills, CA — July 11, 2019 — Investors Management Group, Inc. (“IMG”) announced today it has closed on a 264-unit apartment community in Duluth, Georgia. This is the firm’s eighth Metro Atlanta investment property since 2013.
The property, formerly known as Amber Mill Apartments, was acquired for $35.1 million. Completed in 1985, the garden-style complex features one-, two- and three-bedroom apartment homes across 31 residential buildings.
Renamed Amberlake Village, the property will receive $2.7M in planned capital improvements. Freddie Mac Green Program financing was secured through Charlie Mentzer of Capital One Multifamily Finance’s Atlanta office.
Mike Kemether and Travis Presnell of Cushman & Wakefield‘s Multifamily Advisory Group Atlanta Office represented the seller, a national multifamily operator.
Investors Management Group experienced its fastest-ever equity raise with over $13M committed within ten days of the offering release date. This reflects the growing demand for value-add multifamily investments and investor confidence in Atlanta Metro fundamentals.
Highlighting the firm’s track record, CEO Neil Schimmel notes, “Healthy economic growth and attractive asset pricing have drawn us to North/Northeast Atlanta investment properties, with more than $440M in transactions completed there since 2013.”
For more information, please call IMG at (747) 262-5600 or email firstname.lastname@example.org.