July 27, 2020
Investors Management Group, based in Woodland Hills, CA, is offering accredited investors the opportunity to participate as a limited partner in a deal for Apex Apartments in north San Antonio. Published reports say the acquisition, on which IMG is under contract for $38.5 million, would be the group’s first Texas deal in more than a decade.
Currently managed by locally based United Apartment Group, Apex has undergone $9 million in renovations over the past five years. Its location outside of the downtown core aligns it with the post-COVID population shift, according to IMG.
“Discounted asset pricing and historically low debt rates provide uniquely attractive circumstances for this acquisition,” according to IMG. The group says it has focused on conservative underwriting “to account for the uncertainties of a pandemic environment.”
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