IMG Acquires Third San Antonio Metro Apartment Community in 2021
Investors Management Group continues to grow its Sun Belt apartment portfolio
Woodland Hills, CA— June 29, 2021— Investors Management Group (“IMG”), a California-based real estate investment and asset management firm, has acquired Heights at Converse, a 200-unit apartment community built in 2015 and located at 7855 Kitty Hawk Drive in Converse, Texas for an undisclosed price.
IMG now owns four San Antonio-area assets with plans to purchase more apartments in the Sun Belt region by the end of 2021. The firm has acquired more than $322 million in assets since the start of the pandemic, bolstering its multifamily portfolio across Texas, Georgia and North Carolina.
“The increase in population, jobs and income along the I-35 Austin-San Antonio Corridor speaks favorably for apartment investment opportunities,” said IMG CEO Neil Schimmel. “It’s a fantastic real estate story.”
Heights at Converse is just minutes from I-35 and Loop 1604, providing convenient access to neighboring communities and downtown San Antonio. The gated community offers residents expansive views of the valley, a bark park, clubhouse, fitness center, detached garages, swimming pool with sun deck, grilling station, picnic area, playground, outdoor lounge and storage areas. Heights at Converse consists of eight buildings encompassing a mix of one- and two-bedroom floor plans averaging 860 square feet.
IMG’s value-add business plan will improve the asset through strategic upgrades to unit interiors and community amenities.
Freddie Mac financing for the Heights at Converse acquisition was secured through David Bleiweiss of Berkadia. John Carr & Ben Fuller from Cushman & Wakefield represented both buyer and seller.
Founded by Neil Schimmel, Investors Management Group (“IMG”) is a real estate sponsor focused exclusively on multifamily assets. IMG has transacted over 10,000 apartment units nationally since 2010. Currently, IMG owns and operates 4,300 units representing $750 million in value across Washington, Oregon, Colorado, Texas, North Carolina, Georgia, and Florida.
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