September 15, 2020
Denver-based Apartment Investment and Management Company (Aimco) plans to separate into two publicly traded companies, Apartment Income REIT (AIR) and Aimco. The strategy involves refining the concept of AIR as a “pure play” apartment investment vehicle and refocusing Aimco on development and redevelopment opportunities.
AIR, a newly formed, self-managed REIT, will be separated from Aimco by a reverse spin-off. Aimco will retain its growing business of developing and redeveloping apartment communities while also pursuing other accretive transactions.
AIR plans to own 93.5% of a portfolio of 98 stabilized properties with 26,599 apartment homes valued at $10.4 billion, selected from the existing Aimco portfolio including assets in Boston, Philadelphia, Washington DC, Denver, the Bay Area, Los Angeles, Miami, and San Diego.
Aimco also entered into a ten-year joint venture with an unnamed passive institutional investor to own jointly 12 multifamily properties with 4,051 units valued at $2.4 billion in California.
AIR’s management team will be headquartered in Denver, while Aimco’s management team will have its principal offices in Bethesda, MD, as well as Denver.
For comments, questions or concerns, please contact Dennis Kaiser
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