News
Investors Management Group Attends GlobeSt Conference in Los Angeles
Woodland Hills, CA— October 18, 2023— This week, Investors Management Group attended the nationally acclaimed GlobeSt MULTIFAMILY event in downtown Los Angeles. Renowned for its role in uniting commercial real estate industry professionals, the GlobeSt 2023 MULTIFAMILY Fall conference at JW Marriott Los Angeles L.A. Live held on October 16-17th proved to be a valuable gathering for exchanging insights on the challenges and opportunities shaping the rental housing market.
The event brought together the most active and innovative firms and executives in the apartment industry. IMG met with prominent stakeholders, investors, brokers, and lenders over the two-day event. “Building personal relationships remains a cornerstone of our industry,” Founder-CEO Neil Schimmel noted. “The stronger our connections, the better we can navigate challenges and seize opportunities.”
Takeaways from GlobeSt MULTIFAMILY Fall 2023
ADAPTABILITY IS KEY
Panelists emphasized the need for adaptability in today’s dynamic market. The multifamily industry is embracing digitization. Owners have been quick to adopt innovative property management software and digital tools to streamline operations, enhance tenant experiences, and optimize efficiency.
The importance of equipping property managers with the right tools and training to navigate the digital landscape effectively was highlighted. Discussions revolved around emerging AI-driven software solutions for remote maintenance and tenant communication.
NAVIGATING A ‘COVID HANGOVER’
One recurring theme was that the pandemic, with its disruptive impacts, now feels securely in the rearview mirror for most players in the multifamily arena. Many aspects of the rental housing industry have returned to business as usual.
Yet, this year has proven that the property management industry has irrevocably transformed. Attendees discussed the need to provide flexible leasing options, online rent payment systems, and tech-driven amenities (e.g., EV chargers, smart home devices) to meet the evolving demands of tenants. Owners revealed their reliance on data and analytics to make informed business plan decisions. This practice enables them to identify trends and seize unique opportunities.
DRIVING TRANSACTION VOLUME
The consensus among participants was that in the current landscape, patience and a focus on long-term strategies are essential. Sponsors stressed the importance of being diligent in identifying value-add opportunities, optimizing existing assets, and maintaining robust relationships with lending institutions. Rather than being deterred by a slowdown in transaction volume, Kevin Crook, IMG’s Director of Acquisitions said that “we’re seeing it as an opportunity to refine strategies and selectively target properties that align with our ‘I-P-A’ investment goals.”
When reflecting on future trends, Parker Selby, an Analyst at Investors Management Group, expressed his optimism, observing that “the multifamily sector is evolving beyond profit; it’s becoming a force for positive change in our communities.”
While high interest rates, a slowed transaction environment, and evolving lending standards are indeed obstacles, the consensus of GlobeSt MULTIFAMILY Fall 2023 conference attendees was that they are not insurmountable. Sponsors and multifamily professionals remain resilient and adaptive and are committed to finding innovative solutions to drive success in the CRE industry.
About GlobeSt Multifamily Fall 2023
For over three decades, GlobeSt. MULTIFAMILY has been the industry’s foremost networking platform, fostering connections among key players, and facilitating discussions on both current and future challenges and opportunities. GlobeSt MULTIFAMILY Fall 2023 provided a half-day workshop tailored to property management professionals. Additionally, the innovative GlobeSt CONNECT, a 1:1 networking platform, enabled attendees to connect to foster dealmaking and discovery conversations through live networking zones.
About IMG
Founded by Neil Schimmel, Investors Management Group, Inc. (“IMG”) is an award-winning real estate sponsor and asset manager 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 12,000 apartment units ($1.6 billion) nationally since 2010. For Media or Investor Inquiries, please contact: investor.relations@imgre.com