VENICE, CA—Aimco has unveiled its $202 millionmultifamily development, Lincoln PlaceApartment Homes. The 696-unit development helps to supplya demand for quality housing in a low-density area of Venice. TheDepartment of Housing and Urban Development andRed Capital Group mortgage lenders helped tofinance the project.

Lincoln Place is a historic property,originally built between 1949 and 1951. Aimco began rehabilitatingthe 45-building site and constructing 99 new apartment homes onadjacent lots in 2012. The development made headlines at the timebecause it secured thelargest FHA Section 221(d)(4)unsubsidized loan ever insured by the US Department of Housing andUrban Development. The loan was secured for $190.7-millionloan.

Aimco was developed with sustainability in mind. By partneringwith the Department of Water and Power, developerswere able to reduce energy and water by 30%, using ultra-efficientLED lighting, eco-friendly landscaping and low water pressure. Thebuilding also features recycling and electric car rechargingstations and high-efficiency water heaters.