IMG Divests from South Florida Multifamily Community for $42M
Investors Management Group has divested from Waterleaf Townhomes and Apartments, a 230-unit multifamily community in Port St. Lucie. The sales price was $41.5 million.
IMG acquired the property in 2017 for $26.75 million and invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park, and other common-area amenities. The renovations attracted renters who paid an average $200 premium for the upgrades, according to IMG. The community is located at 1900 SE Hillmoor Drive.
Darron Kattan of Franklin Street represented IMG in the transaction. The buyer was Covenant Capital Group.