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4/28/21
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Investors Management Group (IMG) has acquired Encore281 Apartments, a 228-unit res community in North San Antonio, for $33 mil, or $144.7k per unit. Built in 2015, the property is located directly on US-281 in the city’s prestigious Stone Oak neighborhood.
Encore281 offers residents an urban clubhouse with tech lounge and Texas Java Bar, 24-hour fitness studio, covered parking garages, pool, cabanas, picnic area, grilling stations and a dog park. The gated community consists of 11 buildings encompassing a mix of one-, two- and three-bedroom floor plans.
The community’s desirable location along Highway 281 N. provides residents with easy access to all parts of northern San Antonio as well as the airport and San Antonio’s CBD. In addition, IMG plans to invest approximately $1.2 mil in capital improvements.
"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 IMG 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."
Sean Sorrell, Greg Toro and Robert Arzola at JLL Capital Markets served as brokers in the transaction. Freddie Mac financing was secured through Charlie Mentzer at Capital One.
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