IMG Acquires Metro Atlanta Apartment Complex for $42.9M
SANDY SPRINGS, GA. — Investors Management Group Inc. (IMG) has acquired a metro Atlanta apartment complex known as the Veridian at Sandy Springs. IMG paid $42.9 million for the 272-unit property, or approximately $157,700 per unit.
The Veridian was built in 1980 at 1800 Windridge Drive in Sandy Springs, near Ga. Highway 400 and Interstate 285. The community’s amenities include a clubhouse, fitness center, pool and picnic areas. The property includes 17 buildings with one- and two-bedroom units that recently received over $5 million in upgrades.
IMG plans to invest an additional $2.3 million in capital improvements. IMG is a Woodland Hills, Calif.-based real estate investment and asset management firm.
Mike Kemether and Travis Presnell of Cushman & Wakefield served as brokers in the transaction. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing on behalf of IMG.