PHILADELPHIA and DENVER, April 16,
2018 /PRNewswire/ -- Dranoff Properties, Inc. and
Apartment Investment and Management Company ("Aimco") (NYSE: AIV)
announced today a transaction in which Dranoff Properties will sell
Aimco its apartment community holdings in the Philadelphia MSA for
a purchase price of $445
million. The portfolio includes six properties,
comprising 1,006 existing apartment homes, 110 apartment homes
under construction, and 185,000 square feet of office and retail
space.
The "A" quality portfolio developed by Dranoff Properties
includes Locust on the Park in the Fitler Square neighborhood, 777
South Broad and Southstar Lofts on the Avenue of the Arts, The Left
Bank in University City, The Victor in Camden, NJ, and One
Ardmore Place in Lower Merion Township. Each property
tells a unique story about Philadelphia's history and revival and all
have been integral to its reemergence as a dynamic, world-class
city.
"Over the past twenty years, we've developed and assembled a
portfolio of rental properties that has redefined luxury living in
the Philadelphia region.
With a pipeline of new and exciting projects on the horizon, the
timing is right to sell six of our premier properties to Aimco and
become a major investor in the company. Aimco's expansion and
commitment to Philadelphia make
them ideal stewards of these trophy assets that we carefully built,
owned and managed," said Carl
Dranoff, Founder and CEO of Dranoff Properties. "I am
incredibly enthusiastic about the future of Dranoff Properties as
we begin our third decade. Propelled by a strong capital
base, powerful brand and deep talent pool, we look forward to
delivering a fresh new generation of transformative projects in the
Philadelphia region and
beyond."
"We are thrilled to acquire these well-located communities in
Philadelphia, a market we know and
like," said Aimco Chairman/CEO Terry
Considine. "I appreciate the significant investment in
Aimco made by highly regarded local developer Carl Dranoff and the faith he has in our ability
to manage these assets, guarding their quality and providing
excellent service to their residents. Carl and his talented
team have transformed residential living in Philadelphia. I
wish them continued success."
The acquisitions from Dranoff Properties are expected to close
in 2Q18, except for the purchase of One Ardmore Place, which is
expected to close in 1H19 after completion of construction.
"We continue to be bullish on Philadelphia whose stable and diversified
economy is enjoying a growth spurt. Center City and University City's 'eds and
meds' rival Cambridge and Palo
Alto with their highly educated workforces and the city provides a
cost-effective alternative to the other Northeastern hubs of
Washington D.C., New York, and Boston," commented Aimco Executive Vice
President Wes Powell, who led the
Aimco acquisition team.
About Dranoff Properties, Inc.
Dranoff Properties is
one of the nation's leading multifamily developers, based in
Philadelphia, PA. Founded in
1997 by Carl E. Dranoff, Dranoff
Properties specializes in transforming urban neighborhoods into
unparalleled residential and mixed-use destinations that attract
new residents, retailers, and businesses. Dranoff operates
with a hands-on, detail-oriented philosophy designed to ensure that
each property sets industry benchmarks. The company prides
itself on creating compelling spaces that are meticulously detailed
and unmistakably Dranoff quality, delivering complete live, work
and play communities.
About Aimco
Aimco is a real estate investment trust
focused on the ownership and management of quality apartment
communities located in select markets in the United States.
Aimco is one of the country's largest owners and operators of
apartments, with ownership interests in 180 communities in 22
states and the District of Columbia. Aimco common shares are
traded on the New York Stock Exchange under the ticker symbol AIV,
and are included in the S&P 500. For more information about
Aimco, please visit our website at www.aimco.com.
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SOURCE Aimco