IMG closes $38.5M Texas deal

Woodland Hills, CA— September 17, 2020 —Investors Management Group, Inc. (IMG), a West Coast-based real estate investment and asset management firm, has acquired Apex Apartments in San Antonio for $38.5 million.

“The expansion of our multifamily portfolio into Texas aligns with our track record of acquiring in markets with the best growth potential,” said Neil Schimmel, IMG’s Founder-CEO. “We own and operate apartments in cities with sustainable job creation and affordable rents. The purchase of Apex continues our firm’s strategic focus on value-add investments.”

The 1996-built garden-style property is located at 13999 Old Blanco Rd. It benefits from $9 million in renovations completed in the past five years. IMG will execute a $2.5 million renovation program that continues interior and exterior improvements. The property was underwritten conservatively to account for economic uncertainties posed by the pandemic. Ultimately, discounted pricing and historically low debt rates provided uniquely attractive circumstances for the acquisition timing.

At a purchase price at $119,000 per unit, the asset “represents excellent value considering more than half the units are two and three-bedroom townhomes,” notes IMG’s Director of Acquisitions & Dispositions, Kevin Crook. “Townhouse floor plans have become even more attractive to renters looking for flexibility in work-from-home or roommate housing options.”

IMG received strong investor response to its offering of Apex, raising $18 million from 170 investor clients in 30 states. Seven investors completed 1031 exchanges by acquiring Tenant In Common positions in the property. “There’s a lot of equity looking for opportunities,” adds Schimmel. “Multifamily is a preferred investment choice right now.”

San Antonio’s dynamic real estate market has gained recent national attention. It earned a spot as a 2020 “Market to Watch” by Urban Land Institute and ranks as the second fastest-growing city by the US Census Bureau. Over $7.3 billion in commercial real estate transactions closed there in 2018 and 2019.

IMG’s purchase of Apex brings the company’s total acquisitions to 9,200 apartment units across the country over the last decade. The company currently owns $558 million in multifamily assets nationwide.

Charles Cirar, Michael Wardlow, Olivia Coffey, and Colin Cannata from CBRE Austin/San Antonio brokered the deal. Freddie Mac financing was secured through David Bleiweiss at Berkadia.


Investors Management Group (“IMG”) is a real estate sponsor focused on multifamily assets across a national platform. For over a decade, IMG has grown investor capital by increasing rental housing value and enhancing the resident living experience. Since 2010, IMG has acquired 9,200 multifamily units representing 40 properties nationally. Of the properties sold, the average return was 27%. IMG currently owns and operates 3,600 apartment units in eight U.S. metros. Total investor capital in IMG-sponsored multifamily real estate exceeds $340 million.