Investors Management Group (“IMG”), a West Coast-based real estate investment and asset management firm, has closed the acquisition of Hardy Oak, a 312-unit apartment community in San Antonio, for an undisclosed price.
Located at 23975 Hardy Oak Blvd, the gated property consists of 13 buildings constructed in 2020. The luxury community offers a mix of one, two, and three-bedroom floor plans ranging from 791 to 1,446 square feet. A modern-contemporary design clubhouse and coworking center, resort-style pool, outdoor kitchen, and walking trails highlight the resident amenities.
IMG has transacted a total of $484 million in Sun Belt assets in 2021. Hardy Oak represents IMG’s 5th acquisition in North San Antonio since September 2020.
According to Principal & Co-President Karlin Conklin, “Austin’s expanding tech industry has turbocharged investor interest in the Austin-San Antonio corridor.” She notes that IMG’s recent San Antonio acquisitions reflect nearly $100 million in private equity coming from over 450 accredited investors across the U.S.
“San Antonio is becoming a tech hub in its own right. It’s attracting high-earning transplants. The uptick in luxury multifamily development reflects that shift,” adds CEO Neil Schimmel. “The population surge in this area is among the most notable growth stories in the country.”
San Antonio has joined Austin, Houston, and Dallas on the leaderboard for fastest-growing large metros, with the latest U.S. Census reporting San Antonio’s 2010-2020 growth at 19.4%.
Freddie Mac financing for the Hardy Oak acquisition was secured through Charlie Mentzer at Capital One. Will Balthrope and Drew Garza of Institutional Property Advisors (IPA) served as brokers in the transaction.