DENVER--(BUSINESS WIRE)-- Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced that the company has closed the previously announced sale of its Asset Management portfolio and four affordable apartment communities to Related Companies’ affordable division for $590 million. With this sale, Aimco completes the exit from its affordable housing line of business.
Aimco’s Asset Management portfolio is a fee-based business in which Aimco has been the general partner in partnerships owning interests in low-income housing tax credit apartment communities. As general partner, Aimco has provided asset management and other services to these partnerships and has received fees and other payments in return. The portfolio sale to Related also includes the Hunters Point communities - four affordable, garden style communities with 604 apartment homes located in San Francisco, CA.
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DENVER--(BUSINESS WIRE)-- Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today second quarter results for 2018.
Chairman and Chief Executive Officer Terry Considine comments: “In the second quarter, Aimco produced solid results: Same Store Net Operating Income was up 3.2% year-over-year; Redevelopment contributed more earnings and further value creation; and 2018 paired trades were completed, increasing expected Free Cash Flow returns by 400 basis points.”
“We completed our exit from the affordable housing line of business, part of a strategic plan set in 2011. Since then, Aimco has made steady progress on other elements of the plan: selling $4.2 billion in lower-rated communities; improving portfolio quality to $2,090 in monthly revenue per apartment home; and reducing leverage by $1.8 billion. As a result, Net Asset Value per share more than doubled.”
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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!