DEVON, PA-Denver, CO-based Apartment Investment and Management Co. (AIMCO) targets more than $100 million to the acquisition of multifamily properties throughout Pennsylvania, New Jersey and Delaware. Locally based Prestige Group Inc. is named exclusive agent in AIMCO’s pursuit of apartment portfolios and/or properties of 90 units or more in the tri-state area.

With a portfolio of more than 1,740 properties with in excess of 300,000 units in 47 states, AIMCO lays claim to being the largest residential REIT in the US. It is structured as an UP-REIT to take advantage of the Section 721 Exchange, which enables sellers to defer capital gains taxes in exchange for operating partnership units that earn dividends and are convertible into AIMCO common stock.

“We are aggressively looking for sellers of apartment buildings to fulfill AIMCO’s acquisition goals,” says Bob Cohen, SVP of Prestige. Specifically, he refers to sellers “who have properties with a low tax basis and want to defer capital gains tax or have estate planning issues.”

According to Cohen, AIMCO will structure sales with cash, operation partnership units, or a combination of both. While the current AIMCO portfolio includes A to C conventional properties, it is focused primarily on Bs and also includes affordable properties that are primarily HUD-subsidized, and student housing facilities. Its current portfolio is valued at $14 billion.

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