Apartment Investment and Management Co. (Aimco) has entered into a definitive agreement to sell a portfolio of five apartment properties, totaling 2,719 units, in suburban Boston for $740 million to an affiliate of Harbor Group International (HGI).
The buyer has completed due diligence and made a $20 million non-refundable deposit. Four of the five asset sales are expected to close during the third quarter, with closing of the final asset expected in the fourth quarter.
“The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders,” said Wes Powell, Aimco president and CEO.
HGI will implement a value-add program across the properties through targeted renovations and an active asset management strategy.
Concentrated around the greater Boston metro area — including Massachusetts, New Hampshire and Rhode Island — the properties within the portfolio
