IMG Pays $43M for South Carolina Asset
The firm intends to invest more than $2 million in property improvements.
Investors Management Group has acquired The Whitley Apartments, a 246-unit community in Central, S.C. Redwood Capital Group sold the asset for for $42.5 million, according to Yardi Matrix data.
For the current purchase, IMG raised $21 million from 160 investors in 22 states, while eight investors acquired ownership through 1031 exchanges. In addition, Arbor Realty Trust provided acquisition financing in the form of a non-recourse, 10-year Fannie Mae loan. The note carries a 30-year amortization period, as well as a variable interest rate and a 60 percent loan-to-value.
The Whitley Apartments represents IMG’s second acquisition in South Carolina after the Tapestry at Hollingsworth Park, a 242-unit asset in Greenville that the firm purchased in August 2021. In the last year, IMG’s national portfolio has grown to 4,800 total units across 10 metros.
READ ALSO: Does Your Real Estate Portfolio Need an IPA?
Spanning across 19 buildings, the community features two- and three-bedroom apartments averaging 1,228 square feet. Common-area amenities include two swimming pools, a business center, a community room, a spa and tennis, volleyball and basketball courts. The new owner intends to invest more than $2 million to upgrade the 1997-built property.
Situated on 26 acres at 100 Cross Creek Court, the property is between two major cities, Atlanta and Charlotte, and has access to Old Greenville Highway. Clemson University and South Carolina Botanical Garden are 3.7 miles away. Dining and retail options are available in the surrounding area, along West Main Street.
Executive Managing Director Will Mathews of Colliers brokered the transaction.