Update: This investment offering is now fully subscribed.

To request information on future investment opportunities, contact: Dave Mikkelsen at (971) 888-4010 or email investor.relations@imgre.com.

 
Units: 318, Garden Style
Year Built: 2001
Acquired: March 13, 2020
 
TARGETED 5-YEAR PROJECTIONS:
  • Avg Annual Cash-on-Cash Return: 7.30%
  • IRR: 14.20%
  • Equity Multiple: 1.84x

INVESTMENT HIGHLIGHTS

INSTITUTIONAL-QUALITY ASSET, IMMEDIATE CASH FLOW

Propelled by enhanced amenities, a variety of floor plans, and a location within one of Charlotte’s largest job districts, Stone Ridge maintained strong financial performance in 2019. Stone Ridge’s operations in 2019 continue a trend of increasing rent levels and income collections. Total income is up 20% over the trailing two years since 2017. Actual year-over-year income growth near 10% in 2018 and 2019 has been driven by select unit renovations and upward pressure on rents market-wide.

RECENT ACCOLADES PROMISE CONTINUED ECONOMIC AND POPULATION GROWTH

The Charlotte MSA enjoys one of the highest in-migration rates in the country, and consistently ranks as one of the top moving destinations in the United States. Strong market fundamentals, including robust population growth and an educated workforce, are sustaining Charlotte’s ongoing expansion phase.

Charlotte is a top IMG acquisition market due to this dynamic economic and population growth paired with compelling asset pricing. The Reserve at Providence, sold in 2018 as IMG’s first full-cycle investment in Charlotte, delivered investors a 24.2% IRR and 2.1x equity multiple over a three-year hold period.

ENHANCED CLASS-A VALUE-ADD STRATEGY

IMG’s business plan for Stone Ridge is to direct physical upgrades and operating efficiencies that will both improve the resident experience and maximize investment returns. It will expand upon the rehab scope in progress with the current owner.

STRONG SPONSOR, PROVEN TRACK RECORD

IMG’s North Carolina multifamily assets have delivered attractive investor yields across eight prior investments, representing $280M in transactional volume. IMG currently owns 1,208 units across seven properties in North Carolina and sees the opportunity to realize the benefits of potential expense efficiencies across its South Charlotte portfolio. Implementing synergies to share the expense load of variable line items presents a chance to reduce operating costs to levels of market comparables, driving future bottom line NOI growth.

 

 
All offers and sales of any securities will be made only to Accredited Investors through a Confidential Private Placement Memorandum and any exhibits and attachments thereto (collectively, the “PPM”). This communication is not the PPM, and is not intended nor shall it be construed to be an offer to sell any securities. No PPM will be presented to you unless and until IMG has first been able to validate your status as an Accredited Investor. Prior to subscribing, each investor must receive, read and fully understand the PPM which contains important disclosures, financial assumptions and risk factors, including, but not limited to, those risks set forth in the section of the PPM entitled “Risk Factors.” Each investor must base its decision to invest solely on the PPM, may rely only on the information contained in the PPM and should seek advice based on the investor’s particular circumstances from their own independent advisors. Past performance of IMG-sponsored investments may not be indicative of future results.