The Apartment Investment Management Company (Aimco) has split its business into two distinct publicly traded companies -- Apartment Income REIT and Aimco.
The Apartment Income REIT is a $10 billion self-managed REIT that invests in the multi-family sector. Aimco, meanwhile, retains the business of developing and redeveloping apartment communities while also pursuing accretive transactions that includes a new joint venture with a passive institutional investor to buy California property valued at $2.4 billion.
The 10-year joint venture includes 12 multi-family properties with 4,051 units, according to a press release.
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