After a strategic review process, the board of Apartment Investment and Management Co. (Aimco) has concluded that “the voluntary and orderly liquidation of the company’s remaining assets is most likely to result in the greatest value for shareholders as compared to other alternatives.”
The process began in early 2025, with Aimco actively pursuing value-maximizing transactions, including the potential sale of the company or the sale of major components. This resulted in Aimco’s sale of five New England communities with approximately 2,700 units for $740 million to an affiliate of Harbor Group International. The $335 million of net proceeds were allocated to leverage reduction and approximately $330 million being returned to shareholders in the form of a special dividend earlier in the fourth quarter. Combined with the $0.60 per share dividend paid in the first quarter, Aimco has returned $2.83 per share to shareholders this calendar year.
Conditioned on shareholder approval, which will be sought in early 2026, the targeted marketing and orderly sale of Aimco’s remaining assets in a series of transactions will likely deliver value to shareholders, according to officials.
Aimco’s portfolio includes 15 fully stabilized multifamily communities with approximately 2,500 units; three recently completed Class A developments with 933 homes, which will be stabilized by early 2026; one fully funded active development in the construction phase; and various land holdings. In addition, Aimco’s Brickell Assemblage, which comprises an office tower and the adjacent Yacht Club apartments, in Miami is under contract for $520 million, with a closing targeted for December.
It is estimated that the net proceeds from the sale of the company’s remaining assets, including the Brickell properties, could results in total per share distributions of between $5.25 and $7.10, given market conditions and the estimated transaction and wind-down costs.
“Aimco has remained laser-focused on our mission, which aims to create value for our shareholders, our teammates, and the communities in which we operate,” said president and CEO Wes Powell. “Over the past five years, the Aimco team has navigated a challenging market cycle to deliver more than $1.3 billion of high-quality housing to markets across the country, while safeguarding the company’s balance sheet and actively managing the portfolio of assets retained following the 2020 spinoff.”