Here are some of the highlights they took away from the tour:
* One of the reasons AIMCO received a relatively good yield in the deal was because there were tax benefits to Blackacre Capital, which invests in Casden.
* The assets show very well and the AIMCO and the Los Angeles team seems solid, in UBS' opinion.
* Occupancies at the Casden properties were off at the time of transfer from where AIV thought they would be, but some of this has already been recovered in the last 60 days.
* Initial yields will be modestly lower than expected, but the first 12-month yield is still believed to be the same as the original underwriting.
After the tour, UBS decided to maintain its 2002 and 2003 estimates of earnings of $5.25 and $5.50 per share, respectively.
It also is maintaining its ''buy'' rating with a $51 target price, about $4 higher than it currently is trading.
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