IMG Acquires Multifamily Community in South Charlotte for $45.5M
CHARLOTTE, N.C. — Investors Management Group (IMG) has acquired Reafield Village, a 324-unit apartment community in south Charlotte, for $45.5 million. IMG plans to invest $3 million to upgrade apartment interiors, community amenities and place a new management team, as well as rebrand the community as Canopy at Baybrook. As of Feb. 1, the asset was 97 percent occupied. The community offers one-, and two-bedroom floor plans ranging from 619 square feet to 955 square feet. Amenities include two clubhouses, three swimming pools, a tennis court, business center and two fitness centers. IMG sponsored a syndication of more than 100 investors, including 1031 exchange buyers, to purchase Canopy at Baybrook. The seller was not disclosed.