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Aimco

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This article is about the apartment operator. For the auto parts brand, see Affinia Group. For the fund manager, see Alberta Investment Management Corporation.
Apartment Investment and Management Company
Company typePublic company
IndustryReal estate investment trust
Founded1975 (as "The Considine Company, Inc.")
1994 (Merged with Property Asset Management & PDI, Inc.)
FounderTerry Considine
HeadquartersDenver, Colorado
Key people
Terry Considine, Chairman & CEO
ProductsApartments
RevenueIncrease $1.005 billion (2017)
Decrease $0.347 billion (2017)
Total assetsDecrease $6.079 billion (2017)
Total equityDecrease $1.655 billion (2017)
Number of employees
1,350 (2017)
Websitewww.aimco.com
Footnotes / references
[1]

Aimco or Apartment Investment and Management Company is a publicly traded real estate investment trust. As of December 31, 2017, the company owned 182 apartment communities comprising 43,802 apartment units primarily in Atlanta, the San Francisco Bay Area, Boston, Chicago, Denver, the Washington metropolitan area, Los Angeles, Miami, New York City, Philadelphia, San Diego, and Seattle.[1]

History

Aimco traces its roots to The Considine Company, formed in 1975 by Terry Considine.

Aimco was incorporated on January 10, 1994.[1]

On July 29, 1994, the company became a public company via an initial public offering.[2]

In 1994, Aimco acquired Homecorp, a management company with 5,300 units based in Montgomery, Alabama.[3]

In 1996, Aimco acquired Walters Management Company[4] and the J.W. English Company.[5]

Aimco also acquired a portion of the general partnership of Balcor Asset Management resulting in the addition of 67 properties in 3 states.

In 1997, Aimco acquired National Housing Partnership Incorporated, which owned 87,659 apartments.[6][7][8]

In October 1997, Aimco acquired 8,175 apartment units from Winthrop.[9]

In 1998, Aimco acquired Insignia Financial Group in a $910 million transaction.[10][11]

In 2000, the company acquired Oxford Realty Financial Group, which owned interests in 36,662 apartment units, for $314 million.[12][13] Also in 2000, the company acquired the Oxford Tax-Exempt Fund for $206 million.[14]

In 2002, Aimco acquired Casden Properties, founded by Alan Casden. The $1.5 billion acquisition included 17,383 apartments, including 6,356 conventional apartment units located in Southern California and 11,027 affordable apartment units in 25 states.[15][16]

In 2003, the company was added to the S&P 500 Index.[17][18]

In February 2017, the company acquired Indigo Apartments in Redwood City, California for $320 million.[19][20]

In July 2017, the company acquired the 47% interest it did not own in 3 properties for $451 million, based on a valuation of $695,107 per apartment unit.[21][22]

In February 2018, the company acquired an apartment community in Centreville, Virginia for $160 million.[23]

References

  1. ^ a b c "Apartment Investment and Management Company 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "AIMCo". Crunchbase.
  3. ^ "AIMCo / HOMECORP". Crunchbase.
  4. ^ HIRSH, LOU (April 22, 2013). "Piece of Local History Is Part of La Jolla Apartment Buy". American City Business Journals.
  5. ^ Rutledge, Tanya (November 24, 1996). "Low-profile New York investors to build huge industrial complex". American City Business Journals.
  6. ^ "APARTMENT INVESTMENT AGREES TO ACQUIRE NHP". Bloomberg News. The New York Times. April 22, 1997.
  7. ^ "APARTMENT INVESTMENT AGREES TO BUY 53% STAKE IN NHP". Dow Jones. The New York Times. February 21, 1997.
  8. ^ Knight, Jerry (December 10, 1997). "APARTMENT MANAGER NHP ACQUIRED BY DENVER TRUST". The Washington Post.
  9. ^ "Apartment Investment Adds 8,175 Units From Winthrop". The New York Times. Reuters. October 18, 1997.
  10. ^ "Insignia Financial Group Announces Residential Management Operations To Merge With AIMCO In $910 Million Transaction; Insignia/ESG To Be Spun Off To Insignia Shareholders" (Press release). PR Newswire. March 17, 1998.
  11. ^ HOLUSHA, JOHN (May 24, 1998). "Commercial Property/Insignia Financial Group; Shedding Residential to Focus on Commercial". The New York Times.
  12. ^ "Aimco completes purchase of Oxford". American City Business Journals. September 20, 2000.
  13. ^ Trainor, Tim (June 27, 2000). "AIMCO to Acquire Oxford Properties in $301 Million Deal". CoStar Group.
  14. ^ "APARTMENT INVESTMENT AGREES TO ACQUIRE OXFORD FUND". The New York Times. Bloomberg News. December 1, 2000.
  15. ^ "Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units From Casden Properties of Los Angeles" (Press release). PR Newswire. December 4, 2001.
  16. ^ SANCHEZ, JESUS (December 5, 2000). "Aimco Agrees to Buy Casden". Los Angeles Times.
  17. ^ "AMR booted from S&P 500". CNNMoney. March 11, 2003.
  18. ^ "Bad weather hurts AIMCO in 1Q". American City Business Journals. May 7, 2003.
  19. ^ "Community Leaders Join Aimco to Celebrate Grand Opening of Indigo Apartment Homes in Redwood City" (Press release). PR Newswire. February 27, 2017.
  20. ^ "Aimco Wraps Up $320 Million Acquisition of Indigo". CoStar Group. August 17, 2016.
  21. ^ "Aimco Acquires 100% Ownership of Palazzo Properties" (Press release). Business Wire. July 5, 2017.
  22. ^ Heschmeyer, Mark (July 6, 2017). "Aimco Acquires 100% Ownership of Palazzo Properties". CoStar Group.
  23. ^ "Aimco adds big time to Greater Washington holdings". American City Business Journals. February 23, 2018.
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