Investors Management Group, Inc. (“IMG”) announced that it has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie to Covenant Capital Group for $41.55 million. IMG and its investors will exchange the proceeds as part of a long-term multifamily investment strategy.
IMG acquired the property in 2017 for $26.75 million. The Company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park, and other common-area amenities. IMG’s renovations attracted renters who paid an average $200 premium for the upgrades.
“Identifying communities with attractive fundamentals in emerging markets is IMG’s competitive advantage. We’re always operating ahead of the mainstream,” said IMG Principal and Executive Vice President Karlin Conklin.
Conklin also notes that “With the heightened competition in secondary and tertiary markets, investors are paying premium prices for the best multifamily assets. It’s a good sign of investor confidence in multifamily as a reliable investment vehicle. We’ll continue following our value-add business model in Southeast markets as we grow our portfolio.”
IMG currently owns an apartment community in Tampa, the 276-unit Solis at Ballast Point which it acquired in 2018. IMG has transacted over 1,000 units across the Miami and Tampa metros over the last decade.
Darron Kattan of Franklin Street represented IMG in the transaction.