The Alaska Permanent Fund Corporation and the Apartment Investment and Management Company (AIMCO) have formed a joint venture in which the fund will invest up to $1 billion into future Aimco-led multifamily developments.
Those properties would primarily be concentrated in high-growth submarkets in South Florida, and the Washington, D.C. and Denver metro areas, where Aimco currently controls a development pipeline with the potential to construct more than 15 million square feet.
Aimco will act as the general partner and developer, committing to at least $40 million through funding or the contribution of assets, while earning customary fees, according to a release.
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