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Investors Management Group (“IMG”), a West Coast-based real estate investment and asset management firm, acquired the 188-unit Livingston at Laurel Hills apartment community in Raleigh, North Carolina.
At a purchase price of $28 million with planned improvements of $2.2 million, the value-add property was purchased with a tenancy in common structure. Four investors acquired ownership via 1031 exchanges.
Over $13 million in investor equity was committed within two weeks of the offering release.
The property will be rebranded with enhanced marketing to serve Northwest Raleigh’s vibrant collegiate and professional tenant base.
- Location: 3409 Mill Tree Rd, Raleigh NC 27612
- Units: 188
- Year Built: 1988
- Acquired: December 19, 2019
- Investor Equity: $13.23M
Livingston is located 13 miles from Research Triangle Park—home to more than 300 bioscience and tech companies employing 89,000 workers. RTP is branded as a technology mecca, currently ranked third behind Silicon Valley and San Francisco in tech industry share.
Livingston also offers back-door access to the Crabtree Valley Mall ($290M redevelopment currently proposed), Umstead State Park and the Raleigh–Durham International Airport.
“We’re especially excited about this new off-market multifamily acquisition because of its highly sought-after Northwest Raleigh location and our previous successful investments in this same submarket,” said President & CEO, Neil Schimmel. “Raleigh is one of America’s top real estate markets. Investors are watching it closely. Northwest is the metro’s most desirable investment location based on high rent growth rates and a balanced multifamily supply.”
IMG has transacted $252M in North Carolina multifamily assets in the last four years, and over 5,000 units nationally in this cycle.
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