Investors Management Group has acquired Veridian at Sandy Springs, a 272-unit multifamily community in Sandy Springs. The sales price was $42.9 million.
Built in 1980, the garden-style community features a renovated clubhouse, fitness center, pool and picnic areas. The gated property consists of 17 buildings with one- and two-bedroom units which recently received more than $5 million in upgrades. The California-based owner-operator plans to invest an additional $2.3 million in capital improvements.
Mike Kemether and Travis Presnell of Cushman & Wakefield served as brokers in the transaction. Freddie Mac financing was secured through Charlie Mentzer at Capital One. The seller was not disclosed. The acquisition marks IMG’s tenth multifamily project in the Atlanta metro.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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