Investors Management Group, Inc., has acquired Millennium Apartments in Greenville, SC for $64.4 million.

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.