PORTLAND, OR - Investors Management Group, Inc. has purchased another multifamily community in the Atlanta Metro. The California-based real estate investment and asset management firm purchased the 272-unit Veridian at Sandy Springs Apartments for $42.9 million on January 14.
"This purchase is significant for two reasons," CEO Neil Schimmel noted. "First, it demonstrates investor confidence in Atlanta as a Sun Belt magnet at the forefront of the economic recovery. Year-over-year rent growth is well above the national average. Transaction activity may have paused early in the pandemic, but it's back in surge mode.”
"Secondly, it reflects a focus on suburban markets, which are benefitting from a fast-growing base of highly educated workers. These two trends will support outsized appreciation as the market continues moving upward."
Washington, D.C.-based StoneBridge Investments was the seller.
Mike Kemether and Travis Presnell of Cushman & Wakefield served as brokers in the transaction. Freddie Mac financing was secured through Charlie Mentzer at Capital One.
In addition to Veridian at Sandy Springs, IMG has purchased nine other multifamily communities with 2,500 units in the Atlanta region within the last seven years. These include properties in Lawrenceville, Duluth, Marietta and Buckhead.
ABOUT IMG: Founded by Neil Schimmel, Investors Management Group (“IMG”) is a real estate sponsor focused on multifamily assets across a national platform. For over a decade, IMG has grown investor capital by increasing rental housing value and enhancing the resident living experience. IMG has acquired 9,500 multifamily units representing 41 properties nationally since 2010. Of the properties sold, the average return was 27%. IMG currently owns and operates 3,800 apartment units in nine U.S. metros. Total investor capital in IMG-sponsored multifamily real estate exceeds $360 million.