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Aimco Brings 1,600 Units in Phoenix to Market

PHOENIX-As part of a plan to sell $2 billion of assets mostly outside its target markets over the next two years the Denver-based apartment REIT offers up five properties within one of its target markets.

By Brian K. Miller | Updated on March 02, 2009

PHOENIX-Apartment Investment & Management Co. is looking to sell 40% of its units in the Phoenix region. The Denver-based apartment REIT has listed for sale via CB Richard Ellis 1,635 units in five mid-1980s garden-style properties in the cities of Phoenix, Chandler, and Mesa.

The assets include Los Arboles and Vista del Lagos, two contiguous developments totaling 432 units in South Chandler; Pine Shadows, a 272 unit community in Tempe; Shadow Creek, a 266 unit community in Mesa; Woodcreek, a 432 unit community in Mesa; and Wickertree Apartments, a 226 unit community in Phoenix.

There are no asking prices for the properties, which are for sale both individually and as a portfolio. Offers are due Friday, March 20.

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