California-based Investors Management Group (IMG) recently acquired Encore281 Apartments, a 228-unit community built in 2015 in North San Antonio. The purchase price was $33 million or approximately $144,737 per unit.
The multifamily acquisitions and asset management firm has plans to buy more apartment communities in this region.
“We think the San Antonio-Austin corridor is a terrific growth story. There’s a tremendous amount of business expansion nearby propelling the multifamily market,” said CEO Neil Schimmel. “When the Highway 281 construction ends, it's going to open a floodgate from Austin and bring a new wave of higher-income renters seeking an affordable apartment market.”
Located directly on US-281 in the Stone Oak neighborhood, Encore281 consists of 11 buildings encompassing a mix of one-, two- and three-bedroom floor plans. IMG plans to invest approximately $1.2 million in capital improvements.
“Investor trust in our program allowed us to act quickly with Encore281,” said Karlin Conklin, IMG principal. “The pandemic has put a spotlight on strong sponsors. Our investor network was all-in. They committed $14.5 million in a matter of days and requested standby to participate in future acquisitions.”
JLL’s Sean Sorrell, Greg Toro and Robert Arzola served as brokers in the transaction. Freddie Mac financing was secured through Charlie Mentzer at Capital One.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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