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 $35.1M. 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.”
Amberlake Village aligns with the firm’s signature IPA investment philosophy, according to Kevin Crook, IMG’s Director of Acquisitions.
Investors Management Group offers multifamily investments via 506(c) securities to its partners investing cash, self-directed IRA funds and 1031-exchange proceeds. IMG has transacted over $1.2B nationally in this cycle. Currently, IMG has $390M in multifamily assets (2,500 units) under management nationwide.
IMG reviews hundreds of apartment communities across the United States each year, and only invests in those few that hit our signature IPA targets. All offerings are sold as 506(c) securities to accredited investors. For information on IMG’s passive income opportunities through apartment investing, contact Dave Mikkelsen at (971) 888-4010 ext. 108.