Investors Management Group Inc. (IMG) has divested from a two-property multifamily portfolio in Raleigh. The sales price was $29.7 million. The buyer was Abacus Capital Group.
The portfolio consists of Millbrook Apartment Homes, a 117-unit community located at 2121 Paces Forest Court and Lynn Lake Apartment Homes, a 101-unit community located at 6500 Paces Arbor Circle. IMG acquired the portfolio in 2018 for $23.2 million. An additional capital budget of more than $2 million was invested to upgrade the property and improve the tenant experience. Value-add projects included upgrading the clubhouses and improving the outdoor spaces with new dog parks, playgrounds, a hammock park and pool area upgrades.
IMG still owns three multifamily communities in Raleigh totaling 576 units. The firm acquired Sommerset Place Apartments in 2017. Additionally, The Seasons at Umstead Apartments and Lexington Farms Apartments were acquired in 2019 in separate transactions.
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.