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.
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.