Apartment Investment and Management Co. (Aimco) has closed on the sale of four properties located in suburban Boston for $490 million.
“The timely execution of these asset sales and the associated distribution of proceeds to shareholders reemphasizes Aimco’s commitment to unlocking and maximizing value for stockholders. I offer my thanks to the buyer, Harbor Group International, for their professionalism and to both Morgan Stanley and Walker & Dunlop, who advised Aimco on the transaction,” said Wes Powell, Aimco’s president and CEO.
The four properties sold are known as Royal Crest Estates (Marlboro), Royal Crest Estates (Warwick), Waterford Village and Wexford Village. A portion of the sales proceeds were used to retire mortgage loans associated with Royal Crest Estates (Marlboro) and pay off in full the balance drawn on Aimco’s revolving credit facility, which was retired upon completion of the sales. Aimco is distributing approximately $330 milli
