IMG announces $14.5M multifamily sale in Charlotte
The sale represents IMG’s second full-cycle investment in South Charlotte
Woodland Hills, CA – February 25, 2020 – Investors Management Group, Inc. (“IMG”) today announced the sale of Bridges at Quail Hollow, a 90-unit townhome community in Charlotte for $14,500,000. The property, built in 1982 and located at 7561 Quail Meadow Lane, was acquired by IMG less than three years ago for $10,750,000.
IMG acquired the asset with a business plan to install new management and invest in capital upgrades to improve unit interiors, refresh the exterior appearance and add community amenities. IMG achieved rent increases of $150 – $200 per unit per month as a result of its successful investment execution.
IMG’s extensive renovation of nearly 60 percent of unit interiors included the addition of stainless steel appliances, new kitchen cabinet fronts and countertops, new lighting and new flooring. To enhance site amenities, IMG replaced the tennis court with a community plaza featuring BBQs and playground, added new landscaping and upgraded the pool area.
“Bridges at Quail Hollow features an excellent location with 90 spacious units on 11 wooded acres, which originally attracted us to the property,” said Director of Acquisitions & Dispositions at IMG, Kevin Crook. “It offers a private park-like feel but also sits centrally within the expanding employment and retail offerings of South Charlotte.”
Bridges at Quail Hollow represents IMG’s second sale in South Charlotte in the last two years. The company is actively acquiring additional multifamily properties in the Charlotte market, with a $46M acquisition closed in 2019 and two properties totaling $94M in contract to close in March 2020.
“Charlotte’s growth continues an impressive trend. The city’s cost of living and lifestyle draws remains very attractive for young Millennials and Baby Boomers,” Crook notes.
Charlotte ranked as the fifth-fastest growing city in the U.S. last year, with a growth rate three times faster than the national average over the last decade. In-migration is fueling demand for apartments and supporting high occupancy and rent growth.
For more information, please call IMG at (747) 262-5600 or email email@example.com.