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Aimco Announces Programmatic Joint Venture Agreement with Alaska Permanent Fund Corporation Targeting up to $1 Billion of Multifamily Development
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Aimco (NYSE: AIV) announced a partnership with Alaska Permanent Fund Corporation (APFC) to fund up to $1 billion in multifamily developments. Under the agreement, APFC will invest $360 million in limited partner equity for qualifying projects, while Aimco commits to at least $40 million. Aimco's development pipeline includes over 15 million square feet in high-growth markets like South Florida, Washington D.C., and Denver. This collaboration aims to leverage Aimco's expertise in multifamily property development to unlock significant value.
Positive
Partnership with APFC for up to $1 billion in multifamily developments enhances capital access.
Aimco controls a development pipeline of over 15 million square feet in high-growth U.S. markets.
Negative
None.
DENVER--(BUSINESS WIRE)--
Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today that it and Alaska Permanent Fund Corporation (“APFC”) have entered into an agreement to fund up to $1 billion of future Aimco-led multifamily developments. Pursuant to the agreement, APFC will fund up to $360 million of limited partner equity into projects meeting specific criteria, including, among other items, return thresholds and minimum project size. Aimco will act as the general partner and developer, committing to at least $40 million through funding or the contribution of assets, while earning customary fees.
Aimco currently controls a development pipeline with the potential to construct more than 15 million square feet, primarily concentrated in high-growth submarkets located in South Florida, and the Washington, D.C. and Denver metro areas.
APFC is the largest state-level sovereign wealth fund of its kind in the United States with a total fund value of $79.5 billion as of May 31, 2022.
“We are thrilled to have APFC as a joint venture partner,” commented Lynn Stanfield, Aimco Chief Financial Officer. “We share a common commitment to investing in the development of dynamic multifamily properties in high-growth U.S. markets. For Aimco, this agreement underscores the quality of the opportunities sourced by our team and provides the opportunity to unlock the value embedded within our development pipeline.”
Advisors
Park Madison Partners served as exclusive advisor to Aimco and RCLCO Fund Advisors served as exclusive advisor to APFC on this transaction.
About Aimco
Aimco is a diversified real estate company primarily focused on value add, opportunistic, and alternative investments, targeting the U.S. multifamily sector. Aimco’s mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.
