Commercial Real Estate, Capital, Insurance, Leasing & Management

Yield Pro: IMG announces the sale of a 230-unit townhome property in South Florida for $41.55 million

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Investors Management Group, Inc. (“IMG”) announced that it has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie to Covenant Capital Group for $41.55 million. IMG and its investors will exchange the proceeds as part of a long-term multifamily investment strategy.

IMG acquired the property in 2017 for $26.75 million. The Company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park, and other common-area amenities. IMG’s renovations attracted renters who paid an average $200 premium for the upgrades.

Darron Kattan of Franklin Street represented IMG in the transaction.

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