Source: Investors Management Group / #Apartments #Multifamily
ATLANTA, GA - Investors Management Group announced it has closed on a 264-unit apartment community in Duluth, Georgia, marking its eighth multifamily acquisition in the Atlanta Metro since 2013.
The property, currently known as Amber Mill Apartments, was acquired for $35.1M. Completed in 1985 and located on 2906 Old Norcross Road, the garden-style complex features one-, two- and three-bedroom apartment homes across 31 residential buildings.
The property will receive $2.7M in capital improvements and be rebranded as Amberlake Village. Freddie Mac Green Program financing was secured through Charlie Mentzer of Capital One Multifamily Finance’s Atlanta office.
Mike Kemether and Travis Presnell of Cushman & Wakefield's Multifamily Advisory Group Atlanta Office represented the seller, a local private investor. IMG's team negotiated with more than 20 ownership entities and several third-party managers operating at the site to purchase the multifamily asset.
Investors Management Group experienced its fastest-ever equity raise with over $13M committed within ten days of the offering release date. This comes as a reflection of the growing demand for value-add multifamily real estate investments and investor confidence in Atlanta Metro fundamentals.
CEO Neil Schimmel notes, "Healthy economic growth and attractive asset pricing have made Atlanta our most active multifamily investment market, with more than $440M in transactions completed since 2013."