IMG Expands to South Carolina with Acquisition of 242-Unit Greenville Asset
Woodland Hills, CA— August 13, 2021— Investors Management Group, Inc. (“IMG”), a California-based real estate investment and asset management firm, has acquired its first apartment community in South Carolina. The company purchased Tapestry at Hollingsworth Park, a 242-unit asset built in 2013 and located at 201 Rocky Slope Road in Greenville for an undisclosed price.
Investors Management Group now owns 16 apartment communities across the U.S. Sun Belt region (3,700 units) valued at $625 million. Nationally the company owns 4,300 units ($750 million). The firm has acquired more than $340 million in apartment assets since the start of the pandemic, bolstering its multifamily portfolio across the country.
“While our entry into the Greenville market was multiple years in the making, discussions started heating up earlier this year,” according to Neil Schimmel, Founder-CEO of IMG. “There’s an oncoming surge of investor interest in multifamily projects in the beltway between Charlotte and Atlanta. The Greenville market is leading the recovery in terms of economic growth and population gains. These were the top drivers behind this deal.”
Tapestry at Hollingsworth Park is located within Verdae, the largest Master Planned Urban Community in Greenville’s history, minutes from Interstate 85 and the city’s thriving downtown. Tapestry offers a resident clubhouse with cyber cafe, coffee bar, library, outdoor kitchen and dining terrace, fitness studio, salt water pool with cabana, and car care center. The property consists of 19 buildings encompassing a mix of one- two- and three-bedroom floor plans averaging 1,105 square feet.
IMG’s value-add business plan will improve the asset through unit interior and community amenities upgrades.
Freddie Mac financing was secured through NorthMarq. Andrea Howard, Managing Director of NorthMarq’s nationally ranked Multifamily Investment Sales team, represented IMG and the Seller.
Investors Management Group, Inc. (“IMG”) is a real estate sponsor focused on multifamily assets across a national platform. IMG specializes in improving and managing apartment communities to enhance the resident living experience and maximize value for investors. The firm has transacted over 10,000 apartment units ($1.1 billion) nationally since 2010.
For information about IMG’s upcoming apartment investment offerings, please contact email@example.com or call (747) 262-5600 ext. 652.