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Aimco Continues Selling Multifam Properties

TAMPA, FL-The $23-million sale of Palencia is its latest effort to offload apartments.

By Carl Cronan | Updated on September 01, 2009

TAMPA, FL-Aimco Properties LP is continuing to sell off apartment complexes after unloading 30 properties through the first half of 2009. The subsidiary of Denver-based Apartment Investment and Management Co. seeks to sell properties in non-target markets, as well as lower-rated locations within target markets.

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.

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