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Aimco Sells 776-Apartment Complex

PLAINSBORO, NJ-Aimco has sold the Fox Run Apartments here to a joint venture of Vantage Real Estate and Angelo, Gordon & Co.

By Maria Wood | Updated on August 12, 2009

PLAINSBORO, NJ-In what is being touted as the largest multifamily rental property sale so far this year in the state, Aimco has handed off the Fox Run Apartments here to a joint venture of Vantage Real Estate and Angelo, Gordon & Co. The Metropolitan Area Capital Markets Group of Cushman & Wakefield brokered the trade.

“We are pleased to have completed the successful sale of Fox Run,” says Aimco president David Robertson, in a statement. “The proceeds will enable Aimco to pursue its larger strategic goals of concentrating our investment capital in our target markets and further reducing leverage.”

A spokesperson for Aimco declined to disclose a sales price, but according to an online report that cited an SEC filing, the price was $70 million. She said the Denver-based REIT owned the property since 1993. Cushman & Wakefield also declined to reveal a purchase price and inquiries to the JV parties were not returned by deadline.

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