Company has $620 million in multifamily properties under contract across major U.S. markets
Aimco, headquartered in Denver at 4582 S. Ulster St., plans to hold a special meeting on Feb 6. asking shareholders to vote in favor of a plan to liquidate the company and sell its remaining assets. (CoStar)
Shareholders of Apartment Investment and Management Co. (Aimco) are set to vote next month on the future of the multifamily REIT, following a strategic review process that spanned more than a year. The company’s board of directors is seeking approval to move forward with a plan to sell remaining assets and liquidate the REIT.
As part of this strategy, Aimco recently closed on a $520 million waterfront property assemblage in Miami’s Brickell financial district, marking the largest transaction of its kind in the city’s history. The sale represents a significant milestone in Aimco’s broader portfolio exit strategy.
$620 Million in Apartment Sales Under Contract
Aimco disclosed this week that it currently has $620 million worth of multifamily properties under contract across several major U.S. markets, including Chicago, Atlanta, and Nashville. In addition, the company is actively marketing a substantial portion of its remaining apartment portfolio, according to a company statement.
“Over its long history, Aimco acquired, developed, renovated, and actively managed one of the nation’s largest multifamily portfolios,” said Wes Powell, Aimco’s President and Chief Executive Officer. “Throughout that time, we remained focused on delivering strong returns for our partners and shareholders.”
Key Multifamily Transactions
According to regulatory filings, the properties currently under contract include:
- Chicago-area apartment assets sold to LaTerra Capital Management and Respark Residential for $455 million
- 1045 on the Park Apartment Homes in Atlanta, sold for $10.25 million
- 660 multifamily units across Nashville, Tennessee, and Plantation, Florida, sold for $155 million to an affiliate of Harbor Group International
Shareholder Vote Scheduled for February
Aimco shareholders are scheduled to vote on the liquidation proposal on February 6 at the company’s corporate headquarters, located at 4582 S. Ulster St. in Denver. The REIT declined to comment further on the proposal beyond its public filings and statements.
If approved, Aimco plans to complete the sale of its remaining assets within two years. As of December 31, the company held ownership interests in 34 multifamily properties across New York, Georgia, Illinois, Colorado, Tennessee, California, Maryland, Florida, and Washington, D.C.
The outcome of the vote will determine the final chapter for one of the most prominent names in U.S. apartment real estate investing.
