Aimco Closes $590M Portfolio Sale to Related Cos.

An Aimco holding

DENVER–Apartment Investment and Management Co. has closed the previously announced sale of its Asset Management portfolio and four affordable apartment communities to Related Cos.’ affordable division for $590 million. With this sale, Aimco completes the exit from its affordable housing line of business.

Aimco’s Asset Management portfolio, which consists of 51 properties and 7,837 apartment units, is a fee-based business in which Aimco has been the general partner in partnerships owning interests in low-income housing tax credit apartment communities. As general partner, Aimco has provided asset management and other services to these partnerships and has received fees and other payments in return. The portfolio sale to Related also includes the Hunters Point communities – four affordable, garden style communities with 604 apartment homes located in San Francisco, CA.