CLOSED — 228 Units — SAN ANTONIO, TX
24442 N Highway 281, San Antonio, TX 78258
IMG is sponsoring the syndication of Encore281, a multifamily community in San Antonio, through a 506(c) offering.
Minimum Limited Partner Investment: $25,000 *Fully Subscribed
Minimum Tenant in Common Investment: $750,000 *Fully Subscribed
- IMG sourced the property off-market
- 2015-built with modern community amenities package
- 1, 2 & 3-bed unit mix; Eight total floor plans averaging 915 SF
- Increasingly central and desirable location as the Highway 281 infrastructure project accommodates further northward submarket expansion towards Austin, Texas.
- Phase 1 of the half-billion dollar construction project began in 2017 and is completing this year. Phase 2 (in progress) will finish in 2022.
- Highway 281 is a primary connector between San Antonio and I-1604 to the south, and Austin, and the communities of Stone Oak and Spring Branch to the north. Traffic flow through the corridor is currently 91K vehicles daily.
- North San Antonio rents have historically pushed above the metro average
- Rents across the submarket are projected to accelerate quickly at year-over-year growth around 3%, beginning this year
- High household incomes ($100K+ within 2 miles of property) yet relatively affordable rents keeps demand healthy and vacancies tight
- San Antonio - "America's Next Boom Town" - Forbes
- #2 Fastest-Growing City - U.S. Census Bureau
- State of Texas ranks #1 - "Where Millennials Are Moving, 2020 Edition" - SmartAsset.com
- Texas in top 2 states for in-migration for the fifth straight year - U-Haul, Jan 2021
|Close Date:||April 22, 2021|
|Property Type:||MF, Garden|
|Total Investor Capital:||$14,517,000|
|Funds Due:||April 12|
|Target Hold Period:||5 years|
|Targeted Investor IRR:||12.3%|
|Targeted Equity Multiple:||1.7x|
|Targeted Avg Annual Cash/Cash:||6.6%|
|Distribution Start Date (Est):||July 2021|