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Friday, Dec 8, 2023

Warner Center Firm IMG Sells North Carolina Apartments for $30 Million

Woodland Hills-based real estate firm Investors Management Group Inc. has sold a two-property multifamily portfolio in Raleigh, North Carolina to Abacus Capital Group for $29.8 million.The two properties sold by the Warner Center company are Millbrook Apartment Homes, a 117-unit community at 2121 Paces Forest Court; and Lynn Lake Apartment Homes, with 101 apartments at 6500 Paces Arbor Circle.“IMG and its investors will exchange the proceeds into several multifamily communities as part of its strategic multifamily investment plan,” said the firm in a statement.IMG acquired the portfolio in 2018 for $23.2 million. Another $2 million in capital had been invested to upgrade the properties. Value-add projects at the pair of properties included upgrades to the clubhouses and improvements to the outdoor spaces with new dog parks, playgrounds, hammock park and pool-area upgrades.IMG also modernized the interiors of each unit, installing energy-efficient lighting and low-flow plumbing fixtures as well as providing new paint, flooring, cabinets and cabinet hardware.

“IMG has been a long believer that our market analysis is second to none, being a leader and not a follower when forecasting the growth of an area,” IMG Chief Executive Neil Schimmel said in a statement. “We’ll continue to target the Triangle for new acquisitions. Raleigh’s demographic, employment and economic momentum is still going strong.”IMG currently owns three multifamily communities in Raleigh totaling in 576 units.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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