IMG Announces South Carolina Portfolio Expansion

IMG Buys 250-Unit Apartment Community in the Greenville Metro in $42.5 Million Acquisition

Woodland Hills, CA— June 1, 2022— Investors Management Group, Inc. (“IMG”) has expanded its South Carolina multifamily portfolio with the acquisition of The Whitley Apartments in the city of Central. Over the past year, IMG has sponsored the acquisition of over 1,700 total units totaling $372 million in transactions nationally.

The Whitley was built in 1997 and is located minutes from Clemson University and other major Upstate South Carolina employers. IMG plans to invest over $2 million in capital improvements at the property to meet the accelerated demand for upscale amenities.

The Whitley marks IMG’s second multifamily project in South Carolina. IMG acquired Tapestry at Hollingsworth Park, a 242-unit asset in Greenville in August 2021.

“This South Carolina expansion aligns with our track record of acquiring multifamily assets in markets with the best growth potential,” said Neil Schimmel, IMG’s Founder-CEO. “The Whitley acquisition continues IMG’s focus on value-add apartments.”

At a purchase price at $170,000 per unit, the asset represents “excellent price per pound considering the property’s low density and two and three-bedroom unit mix,” Schimmel added. “The immediate area trends to a younger demographic and attracts a higher percentage of renters than the larger Greenville market. The Whitley is attractive to renters looking for flexibility in work-from-home or roommate housing options.”

IMG received strong investor response to its offering of The Whitley, raising $21 million from 160 investor clients in 22 states. Eight investors completed 1031 exchanges by acquiring Tenant in Common positions in the property. Karlin Conklin, IMG principal and co-president, added “More people are looking outside of Wall Street for their retirement planning. Investors seeking stability in their portfolio are drawn to our investment philosophy of elevating life at home for our thousands of tenants. That’s something real and tangible.”

In the last year, the Woodland Hills-based firm has more than doubled its national transaction volume, growing their portfolio to over 4,800 total units ($1B in value) across 10 U.S. metros.

Will Mathews of Colliers served as broker in the transaction. Financing was secured through Arbor Realty Trust, Inc. The non-recourse Fannie Mae loan carries a 10-year term and a 30-year amortization period, as well as a variable interest rate and a 60% loan-to-value (LTV).


Founded by Neil Schimmel, Investors Management Group, Inc. (“IMG”) is an award-winning real estate sponsor and asset manager focused on multifamily assets across a national platform. IMG specializes in improving and managing apartment communities to enhance the resident living experience and maximize value for investors. The firm has transacted over 10,000 apartment units ($1.4 billion) nationally since 2010.