Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Apartment Investment and Management Co., based here, has secured the balance of Oxford Realty Financial Group Inc., an apartment REIT for which it already operates 165 of its 166 holdings, plus some of its stock. The $314-million deal transfers cash and more securities.

Aimco’s affiliate holds long-term contracts and stock in some Oxford communities, totaling 36,662 units in 18 states. The communities are owned by 166 separate partnerships and are subject to a total of $1.4 billion in mortgages, with Oxford’s pro-rata share standing at $555 million.

Aimco has paid $252 million in cash and $62 million in Aimco shares, valued at $45 per unit. Aimco also has covered about $19 million in transaction costs. Bank of America and Lehman Brothers are funding the cash portion of the purchase agreement with an interim credit line. Aimco expects to replay the loan from scheduled property refinancing, expected property sales and internal cash flow.

In addition to the Oxford Properties, Aimco has acquired the entity that owns the managing general partner position in Oxford Tax-Exempt Fund II, LP, which holds tax-exempt bondssecured primarily by mortgages on certain of the Oxford Properties. In a separate transaction, Aimco has acquired options to purchase approximately 650,000 of the affiliate securities, representing nearly a 9% limited partnership interest.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.