Millbrook Apartments in Raleigh, North Carolina
Woodland Hills-based real estate firm Investors Management Group Inc. has sold a two-property multifamily portfolio in Raleigh, North Carolina to Abacus Capital Group for $29.8 million.
The two properties sold by the Warner Center company are Millbrook Apartment Homes, a 117-unit community at 2121 Paces Forest Court; and Lynn Lake Apartment Homes, with 101 apartments at 6500 Paces Arbor Circle.
“IMG and its investors will exchange the proceeds into several multifamily communities as part of its strategic multifamily investment plan,” said the firm in a statement.
IMG acquired the portfolio in 2018 for $23.2 million. Another $2 million in capital had been invested to upgrade the properties. Value-add projects at the pair of properties included upgrades to the clubhouses and improvements to the outdoor spaces with new dog parks, playgrounds, hammock park and pool-area upgrades.