IMG Expands its Southeastern U.S. Footprint with 244 Units in Raleigh
The 244-unit upscale multifamily community represents IMG’s 7th multifamily investment property in North Carolina
Investors Management Group, Inc. (IMG) has successfully acquired The Seasons at Umstead, an upscale 244-unit multifamily community in Raleigh, North Carolina. The purchase price was $41.5M. IMG has transacted $210M in North Carolina multifamily assets in the last four years, and over 7,700 units nationally in this cycle.
The Seasons at Umstead, located at 8531 Summersweet Lane, sits in close proximity to Research Triangle Park—home to more than 300 bioscience and tech companies employing over 55,000 workers— as well as William B. Umstead State Park and the Raleigh–Durham International Airport.
IMG’s $1.67M capital improvement plan is designed to meet the growing demand for ‘smart apartments’ in the Northwest Raleigh submarket. All of the property’s 244 units will receive tech upgrades including a Ring video doorbell, Nest thermostats and Alexa lighting controls.
“One of the largest research parks in the country is a 10-minute commute from Seasons,” said Director of Acquisitions & Dispositions Kevin Crook. “Smart home amenities are the new standard for renters in this area.”
Seasons marks IMG’s seventh acquisition in North Carolina. “The Sun Belt’s dynamic economic and population growth paired with compelling asset pricing in the Raleigh and Charlotte markets have made these top acquisition locations for IMG,” said Crook.
JMG Realty, recently named by the National Multifamily Housing Council as one of the top property management firms in the country, will continue serving as the on-site manager for The Seasons at Umstead.
Investors Management Group offers multifamily investments via 506(c) securities to its partners investing cash, self-directed IRA funds and 1031-exchange proceeds. Since 2010, IMG has transacted over $1.2B with $390M in multifamily assets (over 2,500 units) currently under management nationwide.