305 Units - Greenville, SC
Case Study: 'IPA' Acquisition
IMG and its investors acquired Millennium Apartments off-market in September 2022 at a 10% discount. Its attractive purchase price, intrinsic value and affordability follow IMG’s nationally acclaimed ‘IPA’ acquisition strategy, reflected in our solid track record of growing and preserving investor capital.
Year built: 2008
Location: Greenville, SC
Acquired: Sept. 2022
Purchase price: $64.4M
1031 exchanges: 12
Equity invested: $35.4M
CapEx budget: $3.0M
Spanning an impressive 33 acres in the Greenville-Mauldin submarket, Millennium presents a prime value-add asset with upside potential. IMG’s business plan follows a trend of competitive properties in this burgeoning area Multi-Housing News has named the No. 1 ‘Top Emerging Multifamily Market’ in the nation.
IMG’s 'IPA' investment strategy for Millennium capitalizes on our successful experience as an active owner/operator in the Southeast across $900 million in total multifamily transactions (2010-2022). In recent years, IMG’s acquisitions have been targeted in Greenville (SC), Atlanta, Raleigh and Charlotte where strong population and job gains continue to drive rent growth and appreciation.
Millennium benefits from Greenville’s positive market trends – characterized by high-growth employment, population gains, relatively low cost of living and a balanced housing supply. The property is located among the metro’s leading public schools, averaging an ‘A-’ rating on Niche. A mix of 1, 2 and 3-bedroom floor plans all feature first-floor entry.
Millennium marked IMG's 3rd acquisition in the Greenville, South Carolina Metro (2021-2022).
In the News
Los Angeles-based investor group acquires Millennium Apartments − Upstate Business Journal
IMG grabs more units in under-the-radar South Carolina market – Multifamily Dive
Greenville ranked a top U.S. market for renters − Multi-Housing News