Apartment Investment and Management Company, better known as Aimco, is preparing to close the book on its three-decade run as a public apartment REIT. Following a strategic review that began early this year, the company announced plans to sell all remaining assets and liquidate, projecting shareholder distributions of between $5.75 and $7.10 per share once the plan receives approval.
The decision was announced alongside Aimco’s third-quarter 2025 earnings results. According to the company, the review process involved “actively pursuing value-maximizing transactions” in consultation with Morgan Stanley and Wachtell, Lipton and Rosen & Katz. That effort led to discussions with more than 100 potential counterparties, spanning sponsors, investment managers, public REITs and private real estate firms.
The sale and liquidation plan follows a series of major transactions completed as part of the strategic review. Aimco sold its Boston portfolio for $335 million in net proceeds and returned roughly $330 million to shareholders through a special dividend. The process began at the end of 2024, when the company entered an agreement to sell Miami properties for $520 million, a deal expected to close by December 2025.
Aimco’s board determined that an orderly sale of its remaining assets would deliver “superior value” compared with other potential paths. The proposal, which requires shareholder approval expected in early 2026, would also allow the company to accelerate asset sales in what it described as “the most tax-efficient manner.”
As of September 30, 2025, Aimco’s portfolio included 15 stabilized multifamily properties totaling 2,524 units, three recently completed Class A projects with 933 units expected to stabilize by early 2026, one fully funded development under construction and several land holdings. The company said rents remain in line with local market averages, and it is “actively marketing a significant portion” of its portfolio.
Operationally, Aimco reported a 1.8-percentage-point decline in average daily occupancy during the third quarter, while revenue net of utility reimbursements rose 10.5%.
In prepared remarks, CEO Wes Powell said Aimco has delivered more than $1.3 billion in new housing over the past five years, repurchased 14.5 million shares of common stock, sold over $1.9 billion in assets and returned more than $420 million through special dividends.
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