The Veridian at Sandy Springs Apartments, located at 1800 Windridge Drive in Sandy Springs, Ga., offer tenants a renovated clubhouse, fitness center, pool and picnic areas. The gated community consists of 17 buildings with 1- and 2-bedroom units that recently received more than $5 million in upgrades.
IMG plans to invest an additional $2.3 million in capital improvements.
“We see a great deal of upside potential in this affluent Fulton submarket boasting a $128,000 average household income,” said IMG Acquisitions Director Kevin Crook in a statement.
This acquisition represents IMG's 10th multifamily project in the Atlanta metro market. IMG has purchased 2,500 units in Georgia since late 2013, totaling $233 million in acquisitions across Lawrenceville, Duluth, Marietta, Sandy Springs and Buckhead.
Crook noted that the firm’s portfolio of rental properties in Atlanta metro is currently 96 percent leased.
In the past year, IMG has purchased 1,200 units for $181 million nationally. Investors included tenants in common and limited partnerships, plus 30 completing 1031 exchanges.
In a statement Chief Executive Neil Schimmel said the Atlanta deal “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.”
IMG currently owns and operates 3,800 apartments nationwide.