SOURCE: Harbert Management Corporation

HMC

April 23, 2015 15:14 ET

Harbert United States Real Estate Fund V Closes on 476-Unit Apartment Property

HUSREF V Completes Acquisition of Landmark at Lynden Square in Charlotte, NC

BIRMINGHAM, AL--(Marketwired - April 23, 2015) - Harbert United States Real Estate Fund V, L.P. ("HUSREF V"), in conjunction with Investors Management Group ("IMG"), recently acquired Landmark at Lynden Square, a 476-unit Class-B multifamily property in Charlotte, NC. HUSREF V and IMG (the "JV") identified the attractive acquisition opportunity due to its desirable location and strong value-add potential. The JV will invest $4.2 million to renovate and upgrade interior finishes, resident amenities and the exteriors of property. The property will be rebranded as the Reserve at Providence. This acquisition is the first joint venture between the HUSREF Investment Team and IMG.

About Investors Management Group
Investors Management Group (IMG) is a private real estate investment firm focusing exclusively on the multifamily sector. IMG specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation. Since 1993, IMG's senior management has directed the acquisition, financing, redevelopment, asset management and disposition of over $3 billion of real estate, or approximately 40,000 multifamily units across the United States.

About Harbert Management Corporation
HUSREF V is sponsored by Harbert Management Corporation ("HMC"). HMC, together with its sponsored funds, has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF V's approach is hands-on, targeting properties that the HUSREF V Investment Team believes are undervalued, and where value can be created through focused operational management. Additional information about HMC can be found at www.harbert.net.

Contact Information

  • Contact Information:
    Harbert Management Corporation
    2100 Third Avenue North
    Birmingham, AL 35203
    Contact: Bill Wos
    Tel: 205 987 5589
    Email: Email contact