Investors Management Group Buys Atlanta-Area Property for $35M
The firm expanded its portfolio with the addition of a 264-unit community in Duluth, located approximately 25 miles from downtown Atlanta.
Investors Management Group has purchased Amber Mill Apartments, a 264-unit Class B community in Duluth, Ga., for $35.1 million. Capital One Multifamily Finance’s Atlanta-based office secured the financing through Freddie Mac’s Green Program.
Cushman & Wakefield arranged the sale on behalf of the seller. According to Yardi Matrix information, Waypoint Residential was the previous owner. The property will undergo a series of capital improvements valued at 2.7 million and will be rebranded as Amberlake Village.
Situated at 2906 Old Norcross Road, the community is adjacent to Interstate 85, around 25 miles from downtown Atlanta and 33 miles from Hartsfield-Jackson Atlanta International Airport. The area provides access to many shopping and dining options such as Gwinnett Place Mall and Pleasant Hill Point Shopping Center.
Built in 1985, the 31-building property spreads across 26.2 acres and comprises a mix of one- to three-bedroom units averaging 1,152 square feet and features washers and dryers, fireplaces and private balconies or patios, Yardi Matrix shows. Communal area amenities include a clubhouse, billiards/game room, fitness center, playground and a swimming pool.
Cushman & Wakefield’s brokerage team included Vice Chairman Mike Kemether and Director Travis Pressnell. Capital One’s Senior Vice President Charlie Mentzer arranged the financing. Earlier this month, Cushman & Wakefield also represented the seller in the sale of a 156-unit community located in Austell, Ga.