TAMPA BAY MSA
Investors Management Group (“IMG”), Inc. has recapitalized the ownership of Clearwater Oaks, a 200-unit townhome community in the heart of Clearwater, Florida. The property is undergoing an extensive interior and exterior renovation. Enhancements include landscaping, on-site leasing office, and fitness center.
IMG is taking advantage of a green initiative. Additional loan proceeds were included for water-saving features including kitchen aerators, bathroom aerators and showerheads.
Ownership group comprised of 10 investors (2 Exchanges).
Dominated by excessive waterfront, Clearwater’s pristine beaches consistently rank among No.1 in the state and in the world.
Axiometrics: “The Tampa-St.Petersburg metro had the 8-highest rent growth [among the top 50 U.S. metros]”
“Tampa Bay’s diverse economic base has generated significant job growth, spawning the demand for apartments.”
Marcus& Milichap, Q32016