Atlanta & Southeast News In Your Inbox

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Atlanta & Southeast  + Apartments  | 

IMG Snags Sandy Springs Apartments for $43M

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.

For comments, questions or concerns, please contact David Cohen

Connect

Inside The Story

Connect With IMG’s CrookConnect With CushWake’s Kemether

About David Cohen

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. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

New call-to-action
New call-to-action