Aimco acquires 47% interest in L.A. apartments

Apartment Investment and Management Co., a REIT, has acquired a 47 percent interest in three Los Angeles apartment properties from the Palazzo joint venture owned by institutional investors advised by J.P. Morgan Asset Management for $451.5 million.

Aimco now owns 100 percent of the three Palazzo communities: Palazzo at Park La Brea, a 521-apartment home community; Palazzo East, a 611-apartment home community; and Villas at Park La Brea, a 250-apartment home community. The communities are well located in the mature Mid-Wilshire district of Los Angeles and benefit from their central location to employment centers — two miles from Beverly Hills, Hollywood and Century City, and six miles in opposite directions from both Downtown L.A. and Santa Monica.

“We appreciate the Mid-Wilshire submarket with its highly educated and high-income customers who value the proximity to transportation, job centers and upscale retail, including The Grove,” said Terry Considine, chairm