Publications

Transactions

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Aimco acquires 47% interest in L.A. apartments

by Jody Barhanovich

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?