Investors Management Group Acquires Multifamily Community in Tampa for $40M

TAMPA, FLA. — Investors Management Group (IMG) has acquired Pavillions at Ballast Point, a 276-unit apartment community located at 6306 S. MacDill Ave. in south Tampa, for $40 million. Craig Brown and Will Matthews of Colliers International arranged the transaction on behalf of the seller, Pavillion Management Group. IMG is the first entity to purchase the asset since it was built in 1990. The California-based company plans to implement extensive interior and exterior renovations at the property and rebrand it as Solis at Ballast Point. The community includes 19 buildings with a mix of one- and two-bedroom units. Community amenities include a pool, clubhouse, covered parking and picnic areas.