Hot New York market tempts Denver bigs to $30m buy.Denver, Colorado based Apartment Investment and Management Company (AIMCO AIMCO Apartment Investment Management Company (Columbus, OH) ), a real estate investment trust and the largest owner and operator of apartment communities in the U.S., has purchased a portfolio of four properties, consisting of seven pre-war apartment buildings and six retail stores in Manhattan. AIMCO purchased the properties off-the-market for $30 million from real estate owner Kamran Hakim. The seven five-story walkups are located at: 1582 First Avenue, 322-324 East 61st Street, 237-239 Ninth Avenue and 514-516 East 88 Street. All seven properties were built between 1900 and 1920, and are almost 100% occupied. The First Avenue and Ninth Avenue properties are mixed-use, consisting of both residential units and retail spaces. Two-thirds of the 122 apartments are rent regulated, and the remaining 42 units are being rented at market rates, which offers great upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside value for AIMCO, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Harry Alcock, chief investment officer at AIMCO. "These are quality properties in highly desirable locations and are a fitting adjunct adjunct (aj´ungkt), n a drug or other substance that serves a supplemental purpose in therapy. adjunct to our portfolios on the Upper East and Upper West Sides," said Alcock. AIMCO is one of the first apartment REITs to have entered the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. market by purchasing existing apartment buildings. Including this latest acquistion, AIMCO has purchased 30 residential-based properties throughout Manhattan since August 2003. "We anticipate the strong market in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of will continue to provide excellent opportunities for AIMCO," said Alcock. Georgia Malone, president of Manhattan-based Georgia Malone & Co., represented AIMCO in the transaction. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion