AIMCO to sell 12-property apartment portfolio

Multifamily REIT Apartment Investment & Management Co. (AIMCO) has put a 12-property portfolio worth $150 million on the block. The offering includes nearly 3,000 units, which will be marketed by Secured Capital. The average occupancy of the Class-B properties — built between 1978 and 1986 — is 94%.

AIMCO bought the properties, which are scattered throughout the southern U.S. from Phoenix, Ariz. to Orlando, Fla., from private developers during the mid-1990’s. Real Estate Alert reports that the portfolio’s estimated value would initially boast an 8% to 8.25% yield.

Seven of the 12 complexes — a total of 1,964 units — are cross-collateralized and will be sold as a package. They are backed by $57 million worth of bonds that could be assumed by a buyer. The bonds mature in 2016, and have a 6.9% weighted average interest rate. Among the cross-collateralized properties are one 291-unit complex in Southern Florida, a 200-unit complex in Pensacola and a 132-unit complex in the Phoenix suburb of Casa Grande.

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