Our Portfolio

218 Units — Raleigh

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Millbrook & Lynn Lake

Total units: 218
Year built: 1986
Location: Raleigh, North Carolina
Acquired: June 2018
Purchase price: $23 million
1031 exchanges: 5
Equity invested: $11.3 million
CapEx budget: $2 million

In the News

Investment Highlights

The acquisition of Millbrook (117 units) and Lynn Lake (101 units) apartment communities expanded IMG’s footprint in Raleigh’s North Hills neighborhood to $37.5M or 362 units. IMG funded this acquisition with 41 investors including five exchanges and seven self-directed IRAs.

Both Millbrook and Lynn Lake are located 15 miles east of Research Triangle Park, the most significant employment center in the Raleigh-Durham market. The abundance of nearby high-paying jobs supports demand for luxury units from renters who have not ventured into homeownership.

Just south of the properties is a LEED Gold-Certified, award-winning $1.2 billion development known as “the ultimate outdoor gathering place.” North Hills features high-end retail, dining, Class A offices, residences, luxury hotels and park space.