Investors Management Group (IMG), a California-based real estate investment and asset management firm, has acquired Heights at Converse, a 200-unit apartment community built in 2015 and located at 7855 Kitty Hawk Drive in Converse, Texas for an undisclosed price.
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 IMG CEO Neil Schimmel. “It’s a fantastic real estate story.”
Heights at Converse is just minutes from I-35 and Loop 1604, providing convenient access to neighboring communities and downtown San Antonio. The gated community offers residents expansive views of the valley, a bark park, clubhouse, fitness center, detached garages, swimming pool with sun deck, grilling station, picnic area, playground, outdoor lounge and storage areas. 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.