IMG Expands to South Carolina with Acquisition of 242-Unit Greenville Asset

 

Andrea Howard

 Greenville, SC — Investors Management Group, Inc. ("IMG"), a California-based real estate investment and asset management firm, has acquired its first apartment community in South Carolina.

 

 The company purchased Tapestry at Hollingsworth Park, a 242-unit asset built in 2013 and located at 201 Rocky Slope Road in Greenville for an undisclosed price.

IMG now owns 16 apartment communities across the U.S. Sun Belt region (3,700 units) valued at $625 million.

Neil Schimmel

Nationally the company owns 4,300 units ($750 million). The firm has acquired more than $340 million in apartment assets since the start of the pandemic, bolstering its multifamily portfolio across the country.

“While our entry into the Greenville market was multiple years in the making, discussions started heating up earlier this year,” according to Neil Schimmel, Founder-CEO of IMG.

 

 "There's an oncoming surge of investor interest in multifamily projects in the beltway between Charlotte and Atlanta. The Greenville market is leading the recovery in terms of economic growth and population gains. These were the top drivers behind this deal."

Tapestry at Hollingsworth Park is located within Verdae, the largest Master Planned Urban Community in Greenville's history, minutes from Interstate 85 and the city's thriving downtown.

 

Tapestry offers a resident clubhouse with cyber cafe, coffee bar, library, outdoor kitchen and dining terrace, fitness studio, salt water pool with cabana, and car care center.

Tapestry at Hollingsworth Park,  
a 242-unit, 19-building  asset built in 2013
  at 201 Rocky Slope Road in Greenville, SC

 

Tapestry at Hollingsworth Park  encompassing a mix of one- two- and three-bedroom floor plans averaging 1,105 square feet.

IMG's value-add business plan will improve the asset through upgrades to unit interiors and community amenities.

Freddie Mac financing was secured through NorthMarq. Andrea Howard, Managing Director of NorthMarq's nationally ranked Multifamily Investment Sales team, represented the Buyer and Seller.

 

 

  CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

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