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7/26/21
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Heights at Converse, a 200-unit apartment community in Converse, TX, was purchased by Investors Management Group ("IMG"), a CA-based real estate investment and asset management firm. The price was not disclosed.
Heights at Converse consists of eight buildings encompassing a mix of one- and two-bedroom floor plans averaging 860 sf in size. The property is located at 7855 Kitty Hawk Dr, 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.
IMG's value-add business plan will improve the asset through strategic upgrades to unit interiors and community amenities. 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.
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 in the deal.
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