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September 15, 2020 Comments Off on Aimco Forms $10B MF REIT, Closes $2.4B JV Views: 624 Phoenix & Southwest News, Southwest News

Aimco Forms $10B MF REIT, Closes $2.4B JV

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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.

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