Source: Triangle Business Journal Oct. 13, 2017
West Coast group seeks investors to complete $14M apartment complex buy in Raleigh
By Sougata Mukherjee Editor, Triangle Business Journal
A California-based privately held real estate investment firm wants to buy the 144-unit Sommerset Place apartment complex in Raleigh — but with some help.
Investors Management Group (IMG) has the complex under contract for $14.3 million. Karlin Conklin, an executive vice president at IMG, says the firm expects to close the deal by December.
In the meantime, however, it is searching for accredited investors who want to play in the extremely active Triangle apartment complex investment market. “We are raising $6.03 million from accredited investors via a 506c securities offering,” Conklin says. “We expect to have about eight to 15 investors in this deal.”
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.