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Apartment Investment and Management Company Purchases $13.7 Million in Interests in 33 Real Estate Partnerships Owning 29,000 Apartment Units in Three Transactions

DENVER, Sept. 8 /PRNewswire/ -- Apartment Investment and Management Company (NYSE: AIV) ("AIMCO") announced that it has purchased for approximately $13.7 million the general and limited partnership interests in 33 real estate partnerships that own approximately 29,000 apartment units. AIMCO paid an aggregate of $11.4 million in cash and $2.3 million in OP Units valued at $39.39 per OP Unit for these partnership interests purchased in three separate transactions. AIMCO purchased $8.7 million limited partnership interests in 21 real estate partnerships owning approximately 23,000 apartment units in which an affiliate of Insignia Financial Group, Inc. ("Insignia") is the general partner. AIMCO also purchased for approximately $4.2 million limited partnership interests in three real estate partnerships owning approximately 1,100 apartment units in which an affiliate of AIMCO is the general partner. In addition, AIMCO purchased from a financial institution for approximately $800,000 general partnership interests in nine real estate partnerships owning approximately 4,900 apartment units in which an affiliate of AIMCO will act as the co-general partner.

"The purchase of the limited partnership interests allows AIMCO to increase its ownership interest in the partnerships that AIMCO will control upon completion of the Insignia merger, in addition to increasing its ownership in partnerships in which AIMCO is presently the general partner and property manager. The purchase of the general partnership interests gives AIMCO another opportunity to pursue its growth strategy of purchasing general partnership interests then increasing its investment in the real estate owned by these partnerships through offering limited partners the opportunity to tender their limited partnership interests," commented Peter Kompaniez, AIMCO's President.

AIMCO is a real estate investment trust with headquarters in Denver, Colorado and 15 regional operating centers, which holds a geographically diversified portfolio of apartment communities. As of August 31, 1998, AIMCO, through its subsidiaries, owned or controlled 58,994 units in 214 apartment communities and had an equity interest in 73,444 units in 472 apartment communities. In addition, AIMCO managed 68,024 units in 355 apartment communities for third parties and affiliates, bringing the total owned and managed portfolio to 200,462 units in 1,041 apartment communities. AIMCO's properties are located in 42 states, the District of Columbia and Puerto Rico. Upon completion of the previously announced merger with the multifamily business of Insignia, AIMCO will become the largest manager of apartment communities in the United States, with approximately 251,000 owned units and an additional 146,000 units managed for third party owners. The 397,000 units in approximately 2,300 apartment communities are located in 49 states, the District of Columbia and Puerto Rico.

SOURCE Apartment Investment and Management Company
 -0- 09/08/98

/CONTACT: Peter Kompaniez, President, 909-336-4821, or Leeann Morein, Senior Vice President, 303-757-8101, both of Apartment Investment and Management Company,

/Wed Site:


CO: Apartment Investment and Management Company; Insignia Financial Group,

Inc. ST: Colorado IN: RLT SU: TNM

LP-CC -- LATU020 -- 8279 09/08/98 09:15 EDT
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Publication:PR Newswire
Date:Sep 8, 1998
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