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Aimco Moves Into NY Homes

Apartment Investment and Management Co. has entered the Manhattan multifamily market with the purchase of five five-story properties for a total price of $37.5 million.

The properties, located on Columbus Avenue between West 68th and 69th Streets, include 58 residential units and 12 commercial spaces, the multifamily real estate investment trust reports.

Harry Alcock, chief investment officer, AIMCO, said, "We made an assessment that we are underweighted in several key apartment markets and believe it is time to increase our presence in Manhattan. The time is right to expand into New York, which has high-quality properties and a very strong market."

Funding for the acquisition came from a $20 million loan at 5.25% and IRS section 1031 exchange proceeds from the sale of "lower quality" properties, AIMCO said.

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