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.