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AIR will be a self-managed \"pure play\" REIT that invests in the multifamily sector, while Aimco will continue to develop and redevelop apartment communities.</span></p>","<p><span style=\"font-weight: 400\">AIR will own 93.5% of a portfolio of 98 stabilized properties with 26,599 apartment homes located in Boston, Philadelphia, Washington DC, Denver, the Bay Area, Los Angeles, Miami and San Diego. Taken together, these properties have an estimated fair market value or GAV of $10.4 billion, according to the REIT.</span></p>","<p><span style=\"font-weight: 400\">The decision to split the two businesses was the result of a long-term study,&#160;says Aimco Lead Director Bob Miller</span><span style=\"font-weight: 400\">. \"</span><span style=\"font-weight: 400\">We believe that both will benefit from separation with balance sheets tailored to the individual businesses, enhanced management focus, expanded opportunities, and distinctive risks and rewards for shareholders,\" he said in prepared remarks.&#160;</span></p> <h4><strong>California's $2.4B Deal&#160;</strong></h4> <p><span style=\"font-weight: 400\">The REIT also announced that it had entered into a ten-year joint venture with a passive institutional investor to jointly own 12 multifamily properties with 4,051 units located in California. 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