Aimco Enters Agreement to Sell Chicago Apartment Portfolio for $455 Million, Closing Scheduled for Q1 2026

Aimco (NYSE:AIV) entered a definitive agreement to sell a seven-property Chicago apartment portfolio—1,495 units—for $455 million to LaTerra affiliate and Respark Residential.

Rhea-AI Summary

Aimco (NYSE:AIV) entered a definitive agreement to sell a seven-property Chicago apartment portfolio—1,495 units—for $455 million to LaTerra affiliate and Respark Residential. The buyer funded part of a $20 million non-refundable deposit to be complete by Jan 15, 2026. Closing is scheduled in Q1 2026, pending assumption of in-place mortgage loans. Net proceeds after debt and transaction costs are expected to be approximately $160 million, and Aimco intends to distribute the majority to shareholders under a proposed Plan of Sale and Liquidation to be submitted for shareholder approval in early 2026.

Positive

• Gross sale price of $455 million for Chicago portfolio
• Portfolio includes 1,495 units across seven properties
• Buyer funded a $20 million non-refundable deposit by Jan 15, 2026
• Estimated net proceeds of approximately $160 million
• Company intends to distribute majority of net proceeds to shareholders

Negative

• Closing contingent on assumption approval of in-place mortgage loans
• Transaction requires shareholder approval of proposed Plan of Sale and Liquidation
• Net proceeds (~$160 million) substantially below gross sale price

Argus Dec 16 session

+1.06% close to close Open Argus

Details

News Market Reaction – AIV

On Dec 16, the first trading day after this news, AIV closed 1.06% above the previous close.

Data tracked by StockTitan Argus for the Dec 16 session.

Market Context

This announcement advances Aimco’s liquidation roadmap by locking in a $455 million sale of its seve...

Analysis

This announcement advances Aimco’s liquidation roadmap by locking in a $455 million sale of its seven‑property, 1,495‑unit Chicago portfolio, with about $160 million in net proceeds expected and largely earmarked for shareholders under the planned Plan of Sale and Liquidation. Investors may track progress on mortgage loan assumption approvals, the filing and contents of the SEC proxy statement, and how this transaction integrates with prior major sales in Boston and Miami when evaluating overall distribution outcomes.

Key Figures

Chicago portfolio sale price: $455 million Net proceeds estimate: $160 million Non-refundable deposit: $20 million +5 more

Chicago portfolio sale price

$455 million

Agreed consideration for seven Chicago apartment properties

Net proceeds estimate

$160 million

Expected net proceeds after debt and transaction costs from Chicago sale

Non-refundable deposit

$20 million

Buyer deposit total by January 15, 2026 under the agreement

Properties sold

7 properties

Number of Chicago apartment assets in the portfolio

Units in portfolio

1,495 units

Total apartment units in the Chicago portfolio being sold

Closing timing

Q1 2026

Scheduled closing period pending mortgage loan assumption approvals

Proxy statement

Filed with SEC

To seek shareholder approval for Plan of Sale and Liquidation in early 2026

Distribution intent

Majority of net proceeds

Aimco plans to distribute most Chicago sale net proceeds to shareholders

Historical Context

5 past events · Latest: Nov 10

5 events

1. Nov 10

   Earnings & liquidation plan

   24h Move

   +0.0%

   Board approved Plan of Sale and Liquidation with detailed distribution estimates.

2. Nov 03

   Earnings date notice

   24h Move

   +0.8%

   Announced timing of Q3 2025 earnings release after market close.

3. Sep 15

   Asset sale & dividend

   24h Move

   -1.2%

   Completed $490M Boston sale and declared $2.23 per share special dividend.

4. Aug 11

   Q2 earnings & sales

   24h Move

   -3.8%

   Outlined $1.26B pending sales and plan to return $4.00–$4.20 per share.

5. Aug 06

   Major portfolio sales

   24h Move

   -3.7%

   Announced $1.26B of Boston and Miami assets under contract with $785M proceeds.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

definitive agreement, non-refundable deposit, plan of sale and liquidation, proxy statement, +3 more

7 terms

definitive agreement financial

"has entered into a definitive agreement with LaTerra Capital Management"

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

non-refundable deposit financial

"funded, in part, a non-refundable deposit that will, under the terms"

A non-refundable deposit is an upfront payment that is kept by the recipient even if the buyer cancels the deal; it acts like a reservation fee that will not be returned. For investors, it signals a firm commitment and reduces deal risk because part of the transaction value is secured regardless of completion—similar to a held earnest money that compensates the seller for lost time and can affect expected cash flows and valuation assumptions.

plan of sale and liquidation regulatory

"pursuant to Aimco's "Plan of Sale and Liquidation" which we expect"

A plan of sale and liquidation is a formal outline describing how a company’s assets will be sold and how the proceeds will be distributed to creditors, investors and other claimants during winding-up or bankruptcy. It matters to investors because it determines who gets paid, how much they can expect to recover and the timing of payments — like a structured garage sale that decides what sells first and who receives the money.

proxy statement regulatory

"Aimco intends to file a proxy statement (the "Proxy Statement") with"

A proxy statement is a document companies send to shareholders ahead of a meeting that lays out the items up for a vote—like who will sit on the board, executive pay, and major corporate decisions—and provides background so shareholders can decide how to cast their votes or appoint someone to vote for them. Think of it as an agenda plus a ballot and briefing notes, important because the outcomes can change control, strategy, and value.

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Securities and Exchange Commission regulatory

"file a proxy statement (the "Proxy Statement") with the Securities and Exchange Commission"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

Schedule 14A regulatory

"proxy statement for its Annual Meeting of Shareholders on Schedule 14A filed with the SEC"

Schedule 14A is a document that companies file with regulators to share important information with shareholders before a big vote, like approving a merger or election of directors. It matters because it helps investors understand what’s happening so they can make informed decisions about the company’s future.

Form 4 regulatory

"reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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DENVER, Dec. 15, 2025 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") has entered into a definitive agreement with LaTerra Capital Management, LLC (an affiliate of LaTerra Development), in partnership with Respark Residential, LLC, to sell its portfolio of seven apartment properties, including 1,495 units, located in the Chicago market for $455 million. The buyer has completed due diligence and funded, in part, a non-refundable deposit that will, under the terms of the agreement, total $20 million by January 15, 2026. Closing is scheduled for the first quarter of 2026, pending assumption of the in-place mortgage loans, the approval of which is currently being pursued.

Net proceeds from the sale of the Chicago portfolio, when accounting for associated property-level debt and transaction costs, are expected to be approximately $160 million.

If closing occurs as planned, Aimco intends to distribute the majority of net proceeds to shareholders, pursuant to Aimco's "Plan of Sale and Liquidation" which we expect to put before shareholders for approval in early 2026.

Additional Information and Where to Find It

This release relates to the proposed plan of sale and liquidation of Aimco and may be deemed to be solicitation material in respect of the Proposed Transaction. In connection with the Proposed Transaction, Aimco intends to file a proxy statement (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC"). The Proxy Statement will be sent to all shareholders of Aimco. Aimco will also file other documents regarding the Proposed Transaction with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF AIMCO ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ALL OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and shareholders of Aimco may obtain copies of the Proxy Statement and other documents that are filed or will be filed by Aimco with the SEC, free of charge, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by Aimco with the SEC will also be available, free of charge, on Aimco's website at investors.aimco.com or by contacting Aimco's investor relations contact at investor@aimco.com.

Participants in the Solicitation

Aimco, certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from Aimco's shareholders in connection with the Proposed Transaction. Information about Aimco's directors and executive officers and their ownership of Aimco's common stock is set forth in Aimco's proxy statement for its Annual Meeting of Shareholders on Schedule 14A filed with the SEC on April 25, 2025. To the extent that holdings of Aimco's securities have changed since the amounts reported in Aimco's proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the Proposed Transaction may be obtained by reading the Proxy Statement regarding the Proposed Transaction when it becomes available. You may obtain free copies of these documents using the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)," "forecast(s)," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements, including those regarding the timing of asset sales and the timing and amount of capital expected to be returned to stockholders, are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, and assumptions that may affect actual results or outcomes, including changes in market conditions, fluctuations in our stock price, our financial performance, regulatory changes, and general economic conditions. Readers should carefully review Aimco's financial statements and the notes thereto, as well as the section entitled "Risk Factors" in Item 1A of Aimco's Annual Report on Form 10-K for the year ended December 31, 2024, as these filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements reflect management's judgment as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

About Aimco

Aimco is a diversified real estate company primarily focused on value add and opportunistic 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.

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SOURCE Apartment Investment and Management Company (Aimco)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Aimco selling in the Chicago portfolio for AIV and for how much?

Aimco is selling seven Chicago apartment properties totaling 1,495 units for $455 million.

When is the AIV Chicago portfolio sale expected to close and what conditions remain?

Closing is scheduled for Q1 2026, subject to assumption of in-place mortgage loans and customary closing conditions.

How much did the buyer deposit for Aimco's AIV Chicago sale and by what date?

The buyer funded part of a $20 million non-refundable deposit, which will total $20 million by Jan 15, 2026.

What net proceeds will Aimco (AIV) receive and how will they be used?

Net proceeds are expected to be approximately $160 million, with the company intending to distribute the majority to shareholders under its proposed plan.

Do AIV shareholders need to approve the sale proceeds distribution?

Yes. Aimco plans to present a Plan of Sale and Liquidation to shareholders for approval in early 2026 before distributing proceeds.