Dranoff Properties, Inc. and Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced a transaction in which Dranoff Properties will sell Aimco its apartment community holdings in the Philadelphia MSA for a purchase price of $445 million. The portfolio includes six properties, comprising 1,006 existing apartment homes, 110 apartment homes under construction, and 185,000 square feet of office and retail space. http://glassdoor.com/slink.htm?key=vQWOB
Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced that it has acquired the Bent Tree apartment community in Fairfax County, VA for $160 million, resulting in an expected $0.01 per share increase to Adjusted Funds From Operations in the first 12 months of ownership.
Bent Tree, a property with 748 apartment homes, is located in suburban Fairfax County near two other Aimco communities with 1,000 apartment homes. Bent Tree has average rents of approximately $1,500 per unit, making this a “B” quality community, with the potential for greater than market rate revenue growth through in unit capital enhancements.
“We are pleased to add Bent Tree to the Aimco portfolio, increasing our exposure to the attractive Fairfax County submarket,” said Aimco Chairman/CEO Terry Considine. “Located within commuting distance of downtown D.C. and just minutes from Dulles International Airport, Bent Tree offers residents convenient access to employment while also providing comfortable homes and onsite amenities that support their suburban lifestyle.”
Consistency matters to us at Aimco. We are proud to announce that for the fifth consecutive year we have been recognized as a Top Workplace in Colorado by the Denver Post!
For the fourth year in a row, Aimco has been named one of the Denver Post's Top Workplaces. Check out our ranking here: http://glassdoor.com/slink.htm?key=vIxSX
We are proud to announce we were named one of the Denver Post's Top Workplaces for the third year in a row! We jumped 7 places among midsize companies climbing from #19 to #12!