Investors Management Group Inc. has sold a 230-unit multifamily community in Port St. Lucie, Fla., to Covenant Capital Group for $41.6 million.
The apartment community, Waterleaf Townhomes and Apartments, is located at 1900 SE Hillmoor Dr. in the southern Florida city.
IMG will exchange the proceeds of the sale with its investors, as part of a long-term multifamily investment strategy.
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IMG originally acquired the property in 2017 for $26.8 million, prior to investing $3.1 million in the property for renovations in the townhome's interiors, the fitness center, the pools, sports park and other common-area amenities. The renovations and upgrades implemented by IMG secured an average $200 premium from renters.
Franklin Street's Darron Kattan represented IMG in the recent disposition.
IMG has transacted more than 1,000 multifamily units throughout the Miami and Tampa metropolitan areas in the past decade. The company previously acquired and currently owns the 276-unit, Solis at Ballast Point in Tampa, Fla., in 2018.
"Identifying communities with attractive fundamentals in emerging markets is IMG's competitive advantage," says IMG Principal and EVP, Karlin Conklin.
Conklin adds, "With the heightened competition in secondary and tertiary markets, investors are paying premium prices for the best multifamily assets. It's a good sign of investor confidence in multifamily as a reliable investment vehicle. We'll continue following our value-add business model in Southeast markets as we grow our portfolio."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
