Apartment Investment and Management Company Locks Up Alaska Permanent Fund as an Equity Partner in Projects
Posted on 08/11/2022
Denver-based Apartment Investment and Management Company (Aimco) (NYSE: AIV) announced that it and Alaska Permanent Fund Corporation (APFC) have entered into an agreement to fund up to US$ 1 billion of future Aimco-led multifamily developments. Pursuant to the agreement, APFC will fund up to US$ 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 US$ 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.
Advisors
Park Madison Partners served as exclusive advisor to Aimco and RCLCO Fund Advisors served as exclusive advisor to APFC on this transaction.
