clearwater building exteriorIMG

IMG Announces $16.5M Multifamily Sale in Tampa MSA

Investors Management Group (“IMG”) is pleased to announce its successful sale of Clearwater Oaks, a 200-unit multifamily property located in Clearwater, Florida. The property includes 23 buildings on a wooded 11-acre site at 1121 Druid Road.

IMG recapitalized Clearwater Oaks in February 2017 at a price of $12,025,000 ($60,125/unit). The property sold January 15, 2019 for $16,575,000 ($82,875/unit), generating an IRR of 44.2% and an equity multiple of 1.93x over a hold period of less than two years.

clearwater kitchen IMGAs part of its value-add strategy for the 1949-vintage property, IMG renovated 75% of townhome interiors and directed a “green” initiative to incorporate water and energy-saving features. IMG also enhanced community amenities by adding a fitness center and “bark park” and renovating site laundry facilities. During the hold period, occupancy improved from 80% to 98% as IMG’s asset managers teamed with site property management to reposition the property. 

The sale marks IMG’s 13th disposition (3,649 units) in the Southeast US region in this cycle. “Our intention was to heighten the tenant experience to fit their active gulfside lifestyle, and we succeeded,” says Neil Schimmel, IMG’s CEO.

Publications such as USA Today and Time Magazine highlight Clearwater as a top beach town destination. TripAdvisor recently named Clearwater Beach the No. 1 beach in America.

Rent growth in Tampa-St. Petersburg consistently ranks in the Top 10 among U.S. metros. IMG identified Clearwater Oaks’ close proximity to the South Tampa submarket and captured spillover demand from renters seeking easy access to world-class recreation plus major employment centers, grocery stores, restaurants and nightlife at an affordable price. According to Schimmel, “The deal fit perfectly within IMG’s “IPA” acquisition model and exceeded the original target for our ownership group, which comprised ten investors (two exchanges).”


1121 Druid Rd #501, Clearwater, FL 33756

The city of Clearwater’s unique position on the Central Peninsula is dominated by excessive waterfront. With miles of soft white sand and sparkling waterways, Clearwater’s pristine beaches consistently rank among the best in the state and in the world. The Tampa Bay area’s population has grown by 13.8% over the last decade. The submarket’s expanding tech and medical industries, in combination with its thriving ports, Air Force base and tourism sectors, have produced employment gains above the national average during the last several years.



Investors Management Group, Inc. (”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 need of recapitalization, repositioning, or significant renovation in select metropolitan markets. Since its inception in 1993, IMG’s multifaceted platform has encompassed ownership, investment sponsorship, financing, asset management, and advisory service to multiple investment partners. IMG is headquartered in Woodland Hills (Los Angeles), CA, with satellite offices in Portland, OR and Atlanta, GA.