Dealmaker: IMG Pays $35M for Atlanta-Area Multifamily Asset

Investors Management Group, Woodland Hills, Calif., closed on a 264-unit apartment community in Duluth, Ga. for $35.1 million.

Yardi Matrix, Santa Barbara, reported Waypoint Residential, Boca Raton, Fla., sold Amber Mill Apartments to IMG. Cushman & Wakefield Vice Chairman Mike Kemether and Director Travis Presnell represented the seller.

Charlie Mentzer, Senior Vice President of Originations in Capital One Multifamily Finance’s Atlanta office, secured financing through Freddie Mac’s Green Advantage program.

Completed in 1985 at 2906 Old Norcross Road, the garden-style community includes one-, two- and three-bedroom apartment homes across 31 buildings. IMG said it plans to make $2.7 million in capital improvements and rebrand the property Amberlake Village.

Amber Mill Apartments represented IMG’s eighth multifamily acquisition in the Atlanta area since 2013. IMG CEO Neil Schimmel said the area’s healthy economic growth and attractive asset pricing have made it the firm’s most active multifamily investment market with more than $440 million in transactions completed there since 2013.

IMG reported it experienced its fastest-ever equity raise with more than $13 million committed within 10 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,” IMG said.