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Fay, Ike Damage 115 Aimco Properties

DENVER-The locally based apartment REIT says the damage total at most of the properties is less than the deductible for insurance coverage.

By Brian K. Miller | Updated on October 01, 2008

DENVER-Apartment Investment and Management Co. said Wednesday that 115 properties it owns, about 10% of its portfolio, sustained damage from wind and rain related to tropical storm Fay and hurricane Ike. At most properties, the cost to repair the damage—to roofs, exterior siding, and landscaping—was less than the deductible for insurance, the company said.

Fay, which made its first US landfall on the Florida Keys on Aug. 18, damaged 53 Aimco apartment properties, all but three of them in Florida. Hurricane Ike made its US landfall at Galveston, TX on September 13 and subsequently damaged 62 Aimco properties, including 25 in the greater Houston area, six in Galveston and other parts of the Gulf Coast, four in Dallas and surrounding areas, and 27 in other states as the storm tracked through the Midwest.

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