California-based Investors Management Group recently acquired Heights at Converse for an undisclosed price. The 200-unit apartment community was built in 2015 and is located at 7855 Kitty Hawk Dr. in Converse, TX.

IMG now owns four San Antonio-area assets with plans to purchase more apartments in the Sun Belt region by the end of 2021. The firm has acquired more than $322 million in assets since the start of the pandemic, bolstering its multifamily portfolio across Texas, Georgia and North Carolina.

“We continue to be attracted to properties along I-35 Austin-San Antonio Corridor because of its growth in population, jobs and income,” said Neil Schimmel, IMG CEO. “It’s a fantastic real estate story.”

Heights at Converse is minutes from I-35 and Loop 1604, providing access to downtown San Antonio. The gated community of Heights at Converse consists of eight buildings encompassing a mix of one- and two-bedroom floor plans averaging 860 square feet. IMG’s value-add business plan will improve the asset through strategic upgrades to unit interiors and community amenities.

Freddie Mac financing for the Heights at Converse acquisition was secured through David Bleiweiss of Berkadia.  John Carr and Ben Fuller from Cushman & Wakefield represented both buyer and seller.