Andrea Howard of Northmarq served as broker in the transaction. Northmarq secured a non-recourse Freddie Mac loan carrying a seven-year term and a four-year interest only period as well as a fixed interest rate.
Millennium Apartments marks IMG’s third multifamily project in SC, including its $42.5-million purchase of The Whitley Apartments in Greenville in June 2022.
“We’ve been focused on the growth along the I-85 ‘Boom Belt’ for years,” said Neil Schimmel, IMG’s founder-CEO. “There are so many factors — from affordability to quality of life — that keep fueling growth Upstate SC.”
At a purchase price at $211,000 per unit, the asset represents “excellent price per pound relative to comparable sales, especially considering the property’s track record of high occupancy and strong operations,” Schimmel added.
IMG plans to invest over $2.5 million in capital improvements at the 2008-constructed property.
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.