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SACRAMENTO-The locally based California State Teachers Retirement System has acquired 1,153 apartment units in five properties for $50.3 million. The properties are located in North Carolina, Texas and Indiana.
The seller was Apartment Investment and Management Co., a Denver-based apartment REIT with a focus on student housing. Aimco will continue to manage all of the properties, which are located near universities.
In the third quarter, Aimco advised it would be selling nine student housing properties. The company expects the sale of the remaining four properties to close in the first half of 2006.
Aimco owns 250,000 apartment units in 1,425 properties. Heitman Capital Management, LLC advised CalSTRS in the transaction.
In August, CalSTRS and Aimco jointly acquired the Mustang Village apartment complex here for $70.75 million. The 514-unit property sits adjacent to California Polytechnic State University.
The acquisition was made on behalf of a $225-million equity fund created by Aimco and CalSTRS that makes strategic investments in student-related properties.
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