CHARLOTTE, NC - Investors Management Group, Inc. (IMG) has announced the acquisition of two multifamily properties in South Charlotte with the combined purchase price of $94 million. Whitehall Estates, built in 1996, offers 252 garden-style units, while Stone Ridge Apartments, built in 2001, offers 318 garden-style units.
IMG will continue renovations already in progress, with a plan to invest more than $7,500 per unit into interior and community amenity upgrades.
Planned improvements include new flooring, countertops, kitchen appliances, and washer/dryers plus updating playgrounds, pool areas, landscaping, and signage.
IMG is targeting cash-on-cash returns near 7.25% and IRRs above 14% with an estimated five-year hold. Between the two acquisitions, twelve investors acquired ownership via 1031 exchanges.
“Charlotte has a growing financial tech sector, and it’s drawing a younger demographic, “ said Neil Schimmel, Founder-CEO. “IMG has been bullish on South Charlotte based on the area’s consistent population and job growth, and it’s paid off for us.”
The purchases of Stone Ridge and Whitehall Estates bring IMG’s total acquisitions in North Carolina to ten over the past five years. IMG’s investment portfolio in the state now stands near 1,800 units. IMG currently holds more than $530M in apartment assets nationwide.
“Competition for multifamily assets like these in the Sun Belt is intense. Investor confidence remains strong,” said Schimmel. “Charlotte offers a good blend of population and job growth with rental affordability. These two properties fit right in line with our real estate investment philosophy. Our targets are very predictable with a track record to prove it.”
Jordan McCarley from Cushman and Wakefield brokered the deal, while Gamma Real Estate was the seller.
About Investors Management Group: Investors Management Group (“IMG”) is a California-based multifamily real estate investment and asset management firm. IMG offers apartment investments via 506(c) securities to its partners investing cash, self-directed IRA funds, and 1031-exchange proceeds. Since 2010, IMG has transacted over $1.4B with 3,200 multifamily units currently under management nationwide. For more information, contact Dave Mikkelsen at (971) 888-4010 ext. 108 or email investor.relations@imgre.com