IMG Expands Texas Footprint, National Portfolio Exceeds $1B
WOODLAND HILLS, CA — April 18, 2022 — Investors Management Group (“IMG”) has closed the acquisition of a 120-unit garden-style apartment community in Kerrville, Texas.
Built in 2020, the property is located in the heart of scenic Texas Hill Country. It occupies a convenient location within a new single-family residential neighborhood easily accessible to major thoroughfares I-10 and Highways 16 and 173. Affordable rents and solid rental demand supported a fast lease-up of the property after construction.
IMG identifies a long-term trend of renters exiting expensive gateway cities and moving to locations in agreeable climates that offer relatively affordable living costs. Central Texas is on trend to grow in attractiveness with its increasingly lively Hill Country tourism scene and ongoing, billion-dollar corporate relocation announcements.
Over the last two years, IMG has accelerated its acquisitions in Central Texas due the region’s dynamic growth paired with attractive prices. According to IMG Founder & CEO Neil Schimmel, “Each of our San Antonio area assets reflect IMG’s famed ‘IPA’ multifamily investment fundamentals.”
Nationally, IMG currently oversees a portfolio of multifamily assets exceeding $1 billion in value. The firm has transacted over $225 million in Texas since September 2020.
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