Austin’s Tech Industry Turbocharges Investor Interest in Austin-San Antonio Corridor

Investors Management Group (IMG), a West Coast-based real estate investment and asset management firm, recently acquired Hardy Oak, a 312-unit apartment community in San Antonio, for an undisclosed price. Located at 23975 Hardy Oak Blvd., the gated property consists of 13 buildings constructed in 2020. The community offers a mix of one-, two-, and three-bedroom floorplans ranging from 791 to 1,446 square feet.

IMG has transacted a total of $484 million in Sunbelt assets in 2021. Hardy Oak represents IMG’s fifth acquisition in North San Antonio since September 2020.

“Austin’s expanding tech industry has turbocharged investor interest in the Austin-San Antonio corridor,” says Karlin Conklin, IMG principal and co-president.

She notes that IMG’s recent San Antonio acquisitions reflect $100 million in private equity coming from more than 450 accredited investors across the country.

“San Antonio is becoming a tech hub in its own right. It’s attracting high-earning transplants. The uptick in luxury multifamily development reflects that shift,” adds Neil Schimmel, IMG CEO. “The population surge in this area is among the most notable growth stories in the country.”