(Read more on the multifamily market.)
DENVER-Apartment Investment and Management Co. has sold aminority stake in three of its West Los Angeles assets to a fundmanaged by JP Morgan Asset Management. The fund paid $202 millionfor a 47% stake in the 1,382-unit portfolio.
The properties involved in the transaction are Palazzo at ParkLa Brea, Palazzo East at Park La Brea and the Villas at Park LaBrea. The combined value of the properties is $726 million. Afterdeducting $296 million of debt on the properties the implied equityvalue is $430 million.
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