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Florida & Gulf Coast  + South Florida  + Apartments  |  April 1, 2021
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By: David Cohen

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.

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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.
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