IMG Acquires 250-Unit Multifamily near Clemson University for $43M
Woodland Hill, CA-based Investors Management Group, Inc., has acquired The Whitley Apartments in the Greenville submarket of Central, SC for $42.5 million ($170,000 per unit).
Will Mathews of Colliers served as broker, and financing was secured through Arbor Realty Trust, Inc. The non-recourse Fannie Mae loan carries a 10-year term and a 30-year amortization period, plus a variable interest rate and a 60% loan-to-value.
The Whitley was built in 1997 and is located minutes from Clemson University and major employers. IMG plans to invest over $2 million in capital improvements at the 250-unit property to meet the accelerated demand for upscale amenities.
IMG raised $21 million from 160 investor clients in 22 states in response to its offering of The Whitley. “More people are looking outside of Wall Street for their retirement planning,” said Karlin Conklin, IMG principal and co-president.
The company purchased Tapestry at Hollingsworth Park, also in Greenville, in August 2021.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.