IMG Announces the Sale of Raleigh Portfolio for $29.75 Million
Raleigh, NC — February 25, 2021— Investors Management Group, Inc. (“IMG”) today announced that it has sold a two-property multifamily portfolio in Raleigh, North Carolina to Abacus Capital Group for $29.75 million. Millbrook Apartment Homes is a 117-unit community located at 2121 Paces Forest Court. Lynn Lake Apartment Homes is a 101-unit community located at 6500 Paces Arbor Circle. IMG and its investors will exchange the proceeds into several multifamily communities as part of its strategic multifamily investment plan.
IMG acquired the portfolio in 2018 for $23.2 million. An additional capital budget of more than $2 million was invested to upgrade the property and improve the tenant experience. Value-add projects included upgrading the clubhouses and improving the outdoor spaces with new dog parks, playgrounds, a hammock park, and pool area upgrades. Unit interiors were modernized with energy-efficient lighting, low-flow plumbing fixtures, new paint, flooring, cabinets and cabinet hardware. IMG’s renovations attracted renters who paid $70-$125 premiums for apartments upgraded with new finishes.
Over recent years, Raleigh has climbed in rankings to become the No. 1 “U.S. Real Estate Market to Watch” in ULI’s 2021 Emerging Trends in Real Estate® report.
“IMG has been a long believer that our market analysis is second to none, being a leader and not a follower when forecasting the growth of an area,” said Neil Schimmel, IMG’s CEO. “We’ll continue to target the Triangle for new acquisitions. Raleigh’s demographic, employment and economic momentum is still going strong.”
IMG currently owns three multifamily communities in Raleigh encompassing 576 units. The company acquired Sommerset Place Apartments in 2017. Additionally, The Seasons at Umstead Apartments and Lexington Farms Apartments were acquired in 2019 in separate transactions.
Founded by Neil Schimmel, Investors Management Group (“IMG”) is a real estate sponsor focused on multifamily assets across a national platform. For over a decade, IMG has grown investor capital by increasing rental housing value and enhancing the resident living experience. IMG has acquired 9,500 multifamily units representing 41 properties nationally since 2010. IMG currently owns and operates 3,800 apartment units in nine U.S. metros. Total investor capital in IMG-sponsored multifamily real estate exceeds $360 million.
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