July 10, 2017
Denver-based Apartment Investment and Management Company (Aimco) acquired a 47% interest in the Palazzo joint venture owned by institutional investors advised by J.P. Morgan Asset Management for $451.5 million. Aimco re-acquired full ownership of three Palazzo properties in Los Angeles totaling nearly 1,400 units, which it built 15 years ago and has operated ever since.
The Palazzo apartment communities include Palazzo at Park La Brea, a 521-unit property; Palazzo East, a 611-unit asset; and Villas at Park La Brea, a 250-unit property.
The acquisition was funded by taking title subject to existing allocable debt of $140.5 million, and by payment of $311 million in cash proceeds funded with bank borrowings pending the sales of properties located in Rhode Island, Virginia, Maryland, and New Jersey.
For comments, questions or concerns, please contact Dennis Kaiser