In 2007 members of what now is the IMFI team began to acquire multifamily properties in Texas. The 1st multifamily acquisition was in Odessa, TX, and now we are spread across many cities of Texas.
The very beginning was extremely “grass roots”. Each of the members were professionals in other-than-real-estate-fields; teacher, engineer, contractor, etc. The founder, and CEO of IMFI, Graciela, formerly a 2nd grade school teacher shares a funny story of how scared she was over the first acquisition. A broker had arranged to meet her at the airport, but she says she was so scared to just meet him that she would not come out of the bathroom! The broker had to wait quite a while, but in the end the 1st property was acquired!
More Than Ordinary
Well, now it is a whole different world. Our team has extensive experience with Texas multifamily properties, specifically in the San Antonio, San Marcos, Houston, and Texas secondary markets. The Innovative team is collectively invested in well over 800 multifamily units, and have been through full ownership lifecycle with an additional 500 plus units with a track record of producing profit to investors. Our experience is boosted by the fact that we are in the trenches and manage all of our apartment communities with a professional and skilled staff, and we have performed major renovations to several of our properties significantly increasing asset value. Our partnership has closed on two multifamily properties the past year (2015), and has a history of closing on all properties under contract.
The Future of IMFI
We are actively acquiring multifamily properties in Texas markets as well as emerging US cities. Our goal are to continue to grow the company for our investors with projections of adding four multifamily complexes per year, totaling 400-500 units, to the portfolio.
We have an established goal to add four assets per year.