Apartment Investment and Management Co. (Aimco) has plans to separate its business into two, separate and distinct, publicly traded companies, Apartment Income REIT and Aimco.
AIR, a newly formed, self-managed REIT will provide a simple and transparent way to invest in the multifamily sector: ownership with public-market liquidity of a diversified portfolio of apartment communities, with low financial leverage, limited execution risk, best-in-class operations and sector-low management costs. Aimco will retain its growing business of developing and redeveloping apartment communities while also pursuing other accretive transactions.
Aimco also announced, as part of its longer-term strategy to reduce financial leverage and to rebalance its capital allocation among target markets, that it has entered into a 10-year joint venture with a passive institutional investor to own jointly 12 multifamily properties with 4,051 units located in California.
The properties were
