IMG Plans $1M in Cap Improvements After Azul Buy
California-based Investors Management Group recently acquired Azul Apartments, a 246-unit community built in 2007 located in Northwest San Antonio, for an undisclosed price. IMG plans to invest more than $1 million in capital improvements at Azul in the first three years of ownership.
IMG now owns 798 units in San Antonio and 4,000 units nationwide.
“The firm has targeted San Antonio’s northern half where population gains, corporate expansions and major infrastructure investments are catalysts for rent growth and appreciation,” said IMG CEO Neil Schimmel. “A third purchase in less than a year establishes our strategic presence in North San Antonio. The acquisitions reinforce our signature IPA strategy to buy intrinsic value at an attractive price per pound in affordable markets.”
Freddie Mac financing for the Azul acquisition was secured through David Bleiweiss of Berkadia’s Irvine office.
Azul Apartments offers access to Loop 1604, Highway 16, I-10 and Loop 410. The gated community consists of 11 buildings encompassing a mix of one-, two- and three-bedroom floor plans averaging 868 square feet.
“Market shifts over the past year have more people looking outside of Wall Street for their retirement planning,” says Karlin Conklin, IMG principal and co-president. “People seeking stability in their portfolio are drawn to our investment philosophy. We’re elevating life at home for our thousands of tenants. That’s real. That’s tangible.”
In total, IMG has acquired more than $241 million in multifamily assets across the Southeast and Texas since the start of the pandemic. The firm continues to target Texas for portfolio growth, anticipating at least one more acquisition in 2021.
“Even in economic disruption, there are strategic value-add opportunities,” said Schimmel.