Source: Harbert United States Real Estate Fund V / #Apartments #Multifamily
CHARLOTTE, NC - Harbert United States Real Estate Fund V, L.P., in conjunction with Investors Management Group, recently acquired Landmark at Lynden Square, a 476-unit Class-B multifamily property in Charlotte, NC. HUSREF V and IMG identified the attractive acquisition opportunity due to its desirable location and strong value-add potential.
The JV will invest $4.2 million to renovate and upgrade interior finishes, resident amenities and the exteriors of property. The property will be rebranded as the Reserve at Providence. This acquisition is the first joint venture between the HUSREF Investment Team and IMG.
Investors Management Group is a private real estate investment firm focusing exclusively on the multifamily sector. IMG specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation.
Since 1993, IMG's senior management has directed the acquisition, financing, redevelopment, asset management and disposition of over $3 billion of real estate, or approximately 40,000 multifamily units across the United States.
HUSREF V is sponsored by Harbert Management Corporation. HMC, together with its sponsored funds, has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States.