PHILADELPHIA, PA—Dranoff Properties is exitingits Philadelphia multifamily rental properties, selling them toDenver-based Apartment and Investment Management Company for $445million in cash and equity. According to local news sitePhilly.com, the equity will make DranoffProperties founder and CEO Carl Dranoffthe largest non-institutional shareholder inAimco.
The portfolio includes six properties, totaling 1,006 existingapartment homes, 110 apartment homes under construction, and185,000 square feet of office and retail space.
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