AIMCO Sells 1 Million Sq. Ft. of Multifamily Assets

Apartment Investment and Management Company (AIMCO) has divested more than 1 million sq. ft. of multifamily communities in four states. CB Richard Ellis negotiated the sale for the Denver-based REIT.

The properties are scattered among Texas, Kentucky, Oklahoma and Maryland, including Southport, a 230-unit community in Tulsa, Okla., and Concord Stratford, a 184-unit community in Lake Jackson, Texas. All told, AIMCO sold almost 1,300 units. CB Richard Ellis would not disclose the sale price of the assets.

AIMCO operates approximately 313,000 apartment units nationwide. For the first quarter of this year, Aimco’s net income was $21.8 million, compared with $70.1 million in the same period of 2002. Earnings per share were $0.00 on a diluted basis compared with $0.58 in the same period last year, based on net income attributable to common stockholders.

Adjusted Funds from Operations (AFFO) were $68.5 million or $0.64 per diluted common share vs. $117.1 million, or $1.12 per share in the first quarter 2002.

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