City of Angels Real Estate Firm Acquires Laurel Walk Apartments
- Aug 18, 2015
By Adelina Osan, Associate Editor
The 98-unit complex Laurel Walk Apartments located in south Charlotte was sold to a Los Angeles-based multifamily real estate investor for $7.38 million, according to BizJournals.
Investors Management Group purchased the apartment complex located on 908 Summit Walk Dr. With this acquisition, the company owns nearly 600 units on Providence Road. The previous acquisition was a neighboring 476-unit apartment property. Lynden Square was purchased in April for $37 million.
Laurel Walk’s previous owner was an affiliate of Eller Capital Partners and it bought the property in 2012 for $6 million.
Laurel Walk Apartments features one- and two-bedroom apartments with rent prices ranging between $650 and $925. Apartments’ sizes start at 870 square feet and reach 1355. Community amenities include a pet park, swimming pool, business center, fitness center, grilling area and storage units.
Investors Management Group specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation. Company’s portfolio includes 24 properties and a total of 6,638 units in seven states. Madison At River Sound in Atlanta, Eastport in Jacksonville, Briarwood in Denver, Captiva Club in Tampa and Sunset View Apartments in Seattle are just a few of IMG’s multifamily properties.
Since its inception in 1993, IMG’s multifaceted platform has encompassed ownership, investment sponsorship, financing, asset management, and advisory services to multiple investment partners including financial institutions, private equity funds, family offices, and high net worth individuals.
Image courtesy of IMG