Investors Management Group (“IMG”), a California-based real estate sponsor and operator, has acquired Azul Apartments, a 246-unit community built in 2007 and located in Northwest San Antonio for an undisclosed price.
IMG now owns 798 units in San Antonio and 4,000 units nationally.
“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.”
Azul Apartments offers access to Loop 1604, Hwy 16, I-10 and Loop 410, providing residents easy commutes to San Antonio’s major employment hubs. The community offers residents an urban clubhouse, business center, swimming pool, pool lounge/game area, 24-hour fitness center, grilling station, picnic areas, basketball court and carport parking area. The gated community consists of 11 buildings encompassing a mix of one-, two- and three-bedroom floor plans averaging 868 square feet.
In total, IMG has acquired over $241 million in multifamily assets across the Southeast and Texas since the start of the pandemic. “Even in economic disruption, there are strategic value-add opportunities,” said Schimmel. The firm continues to target Texas for portfolio growth, anticipating to close at least one more acquisition in the Lone Star State in 2021.
Karlin Conklin, IMG principal and co-president, added “market shifts over the past year have more people looking outside of Wall Street for their retirement planning. 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.”
IMG plans to invest over $1 million in capital improvements at Azul in the first three years of ownership.
Freddie Mac financing for the Azul acquisition was secured through David Bleiweiss of Berkadia’s Irvine, California office.