AIMCO Enters Manhattan MF Market

Apartment Investment and Management Co., Denver, has entered the Manhattan multifamily market in New York with the purchase of five five-story properties for a total price of $37.5 million.The properties, located on Manhattan's Upper West Side, include 58 residential units and 12 commercial spaces, the real estate investment trust said. "We made an assessment that we are under-weighted in several key apartment markets and believe it is time to increase our presence in Manhattan," said Harry Alcock, AIMCO's chief investment officer. "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 proceeds from the sale of "lower-quality" properties, AIMCO said. The REIT can be found at http://www.aimco.com.