Its latest sale involves the 420-unit Palencia Apartment Homes in Tampa for $23.3 million, or roughly $55,000 per unit. Boca Raton-based Ginsberg Property Group purchased the 70-acre property, for which Aimco had paid $14.9 million in 1997.
Also in August, Aimco sold the 252-unit Doral Oaks apartments in suburban Temple Terrace for $10.7 million, or $42,000 per unit. Jacksonville-based GMC Properties paid nearly twice what Aimco originally spent for the asset.
Aimco, which owns numerous apartment complexes throughout Florida, has been trying to sell properties over the past two years and has 100 complexes listed nationwide totaling 28,700 units. The company posted net proceeds of $119.2 million from the sale of properties through the first half of this year, according to its latest earnings report. (A call by GlobeSt.com to Aimco's headquarters was not returned.)
Aimco reported revenue of $334.8 million during the second quarter, down 6% from the year-earlier period, along with a net loss of $29.9 million. Analysts observe that despite its attempts to reposition its portfolio in higher growth markets, much of the company's portfolio remains in markets where housing is relatively cheap.
"Consequently, its long-term profitability is likely to suffer," Zacks Equity Research stated. "As (Aimco) continues to sell non-core assets and buy in higher growth, infill areas, we expect continued earnings dilution."
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