Apartment Investment and Management Co. made a $451 million deal to acquire nearly 1,400 apartment units in Los Angeles.
Denver-based Aimco (NYSE: AIV) said it's buying a 47 percent interest in a joint venture owned by institutional investors advised by J.P. Morgan Asset Management for $451.5 million.
The three apartment complexes that Aimco now entirely own includes the 521-unit Palazzo at Park La Brea; the 611-unit Palazzo East; and the 250-unit Villas at Park La Brea; which are all located in the Mid-Wilshire district of Los Angeles.
“We appreciate the Mid-Wilshire submarket with its highly educated and high-income customers who value the proximity to transportation, job centers, and upscale retail, including The Grove, literally across the street…and where we can see clearly that future development is increasingly difficult. We expect to continue the operation of the properties and to redevelop each, over time and at the right time, to serve different and distinctive market segments," said Terry Considine, Aimco CEO, in a statement.
Read more at the Denver Business Journal: http://bizj.us/1p8jlg
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