Investors Management Group (IMG) acquired the 305-unit Millennium Apartments in Greenville for $64.4 million, making it $211,000 per unit on average.
Millennium Apartments, an apartment complex located at 221 Fairforest Way in Greenville, provides a mix of one-, two- and three-bedroom floor plans. Currently, IMG intends to invest more than $2.5 million in capital improvements at the property due to the increasing demand for luxury amenities.
Acquisition of 1,600 units
In the past year, IMG has sponsored the acquisition of more than 1,600 units. Millennium Apartments represents IMG’s third multifamily project in South Carolina after it acquired the Whitley Apartments in Central in June 2022.
“We’ve been focused on the growth along the I-85 ‘Boom Belt’ for years. There are so many factors — from affordability to quality of life features — that keep fueling growth Upstate,” said Neil Schimmel, founder and CEO of IMG. “Between the attractive price and upside potential of the property and the sustainable growth the market is seeing, Millennium was a perfect opportunity to expand our portfolio in Greenville.”
Investor clients
IMG raised $35 million from more than 200 investor clients across the United States, indicating a healthy response from investors in regards to the offering of Millennium Apartments.
“A lot of apartment owners want freedom from daily management hassles. They’re looking to sell, and they’re looking outside of Wall Street for their retirement planning. They’re drawn to our ‘I-P-A’ investment formula. It’s disciplined, and it’s predictable,” said Karlin Conklin, co-president and COO of IMG.
IMG owns and operates a $1 billion national portfolio and has more than doubled its transaction volume.
