An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Aimco Announces Programmatic Joint Venture Agreement with Alaska Permanent Fund Corporation Targeting up to $1 Billion of Multifamily Development
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
DENVER--(BUSINESS WIRE)--
Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today that it and 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 located in South Florida, and the Washington, D.C. and Denver metro areas.
APFC is the largest state-level sovereign wealth fund of its kind in the United States with a total fund value of $79.5 billion as of May 31, 2022.
“We are thrilled to have APFC as a joint venture partner,” commented Lynn Stanfield, Aimco Chief Financial Officer. “We share a common commitment to investing in the development of dynamic multifamily properties in high-growth U.S. markets. For Aimco, this agreement underscores the quality of the opportunities sourced by our team and provides the opportunity to unlock the value embedded within our development pipeline.”
Advisors
Park Madison Partners served as exclusive advisor to Aimco and RCLCO Fund Advisors served as exclusive advisor to APFC on this transaction.
About Aimco
Aimco is a diversified real estate company primarily focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.
aimco is one of the nation’s premier apartment home providers delivering a quality living experience to our residents every day. the key to our success is our people. our employees care about our residents and it shows. from the first interaction to the last, our people make a world of difference in the lives of our residents. needless to say, we are passionate about finding the right people and nurturing their growth within aimco.
from corporate to leasing to maintenance we are always looking for to add the best talent in the industry to our team. want to learn more?
check out our open positions at www.aimco.com/careers & read more about what our employees are saying on glassdoor.
we cannot wait to welcome you to your new professional home!
