Aimco forms $1b multifamily JV with APFC
Real Estate - AUGUST 11, 2022

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Aimco forms $1b multifamily JV with APFC

by Andrea Zander

Apartment Investment and Management Co. (Aimco) and the $79.5 billion Alaska Permanent Fund Corporation (APFC) have entered into an agreement to fund up to $1 billion of future Aimco-led multifamily developments.

Pursuant to the agreement, APFC will fund up to $360 million of limited partner equity into projects meeting specific criteria, including, among other items, return thresholds and minimum project size. Aimco will act as the general partner and developer, committing to at least $40 million through funding or the contribution of assets, while earning customary fees.

Aimco currently controls a development pipeline with the potential to construct more than 15 million square feet, primarily concentrated in high-growth submarkets in South Florida and the Washington, D.C., and Denver metro areas.

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