DENVER, CO -- Apartment Investment and Management Company (AIMCO) (NYSE:AIV), a real estate investment trust (REIT) and the largest owner and operator of apartment communities in the United States, has purchased a portfolio consisting of seven pre-war apartment buildings and six retail stores in Manhattan for $27.65 million.
The properties are located at 1582 First Avenue (between 82nd and 83rd Streets), 322-324 East 61st Street (between First and Second Avenues), 237-239 Ninth Avenue (between 24th and 25th Streets), and 514-516 East 88 Street (between East End and York Avenues). All seven buildings in the portfolio were built between 1900 and 1920, and are almost 100% occupied. The First Avenue and Ninth Avenue properties are mixed-use, consisting of both residential units and retail spaces.
Two-thirds of the 129 apartments are rent regulated, and the remaining 42 units are being rented at market rates, which offers great upside value for AIMCO, according to Harry Alcock, executive vice president and chief investment officer at AIMCO. "These are quality properties in highly desirable locations and are a fitting addition to our portfolios on the Upper East and Upper West Sides," said Alcock.
AIMCO is one of the first apartment REITs to have entered the New York City market by purchasing existing apartment buildings. Including this latest acquisition, AIMCO has purchased 30 residential-based buildings throughout Manhattan since August 2003. "We anticipate the strong market in New York will continue to provide excellent opportunities for AIMCO," said Alcock.
Georgia Malone, president of Manhattan-based Georgia Malone & Co., represented AIMCO in the transaction.
AIMCO is a real estate investment trust headquartered in Denver, Colorado, that owns and operates a geographically diversified portfolio of apartment communities through 21 regional operating centers. AIMCO, through its subsidiaries, operates nearly 1,500 properties, including approximately 264,000 apartment units, and serves approximately one million residents each year. AIMCO's properties are located in 47 states, the District of Columbia and Puerto Rico. AIMCO common shares are included in the S&P 500.
Source: Apartment Investment and Management Company
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CONTACT: Judy Stowell of Apartment Investment and Management Company,
+1-303-793-4621
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