IMG Buys Apartment Community in the San Antonio-Austin Growth Corridor

IMG Pays $33 Million for 228-Unit Property in San Antonio, Texas

Woodland Hills, CA— April 22, 2021— Investors Management Group (“IMG”), a California-based real estate investment company, has acquired Encore281 Apartments for $33 million, or approximately $144,737 per unit.

The 228-unit community was built in 2015 and is located in North San Antonio. IMG has targeted more apartment communities to buy in this region in the future.

“We think the San Antonio-Austin corridor is a terrific growth story. There’s a tremendous amount of business expansion nearby propelling the multifamily market,” said CEO Neil Schimmel. “When the Highway 281 construction ends, it’s going to open a floodgate from Austin and bring a new wave of higher-income renters seeking an affordable apartment market.”

Encore281 is located directly on US-281 in the prestigious Stone Oak neighborhood. It offers modern amenities such as an urban clubhouse with tech lounge and Texas Java Bar, a resort-style pool, picnic area, and dog park. The gated community consists of 11 buildings encompassing a mix of one-, two- and three-bedroom floor plans.

IMG plans to invest $1.2 million in property improvements.

Over the past year, IMG has sponsored the acquisition of 1,400 total units nationally including the purchase of Apex Apartments in San Antonio for $38.5 million. Investors included tenants in common and limited partners, as well as 30 completing 1031 exchanges.

“Investor trust in our program allowed us to act quickly with Encore281,” said IMG Principal Karlin Conklin, noting the increased competition among multifamily buyers. “The pandemic has put a spotlight on strong sponsors. Our investor network was all-in. They committed $14.5 million in a matter of days and requested standby to participate in future acquisitions.”

Sean Sorrell, Greg Toro and Robert Arzola at JLL Capital Markets served as brokers in the transaction. Freddie Mac financing was secured through Charlie Mentzer at Capital One.

“Encore281 apartment community will allow IMG to capitalize on a tremendous asset with vastly improved access and street visibility,” said Sorrell. “The recent renovation to Highway 281 North will provide the community with easy access to all parts of northern San Antonio as well as the airport and San Antonio’s CBD.”


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 3,650 units representing $600 million in value. IMG targets growth markets across Washington, Oregon, Colorado, North Carolina, Georgia, Florida and Texas.

Investor inquiries: Call (747) 262-5600 ext. 652 or email:
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