Aimco Purchases Upscale Apartments in a Desirable Phoenix Submarket

DENVER, May 10, 2012 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) has acquired San Melia Apartments, a 488-unit community located at 14435 S. 48th Street in Phoenix, Arizona.  Aimco purchased the luxury apartment community from Investment Property Associates, LLC for $68.8 million. The Cooke Team at Colliers International was the broker for the transaction. With the addition of San Melia, Aimco's Arizona portfolio consists of 10 market-rate properties with a total of 2,409 units.

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"San Melia is an outstanding apartment community in a highly attractive submarket of Phoenix where we expect solid returns on our investment," said Aimco Executive Vice President of Transactions John Bezzant. "It is conveniently located in proximity to a host of services and employment centers, and the property's high-end amenities create an exceptional living environment for our residents. With the new Aimco management team in place, residents can expect superior customer service, a well-maintained property, and the security and convenience of living in a professionally managed apartment community."

San Melia is a Class A apartment community built in 1998 by Mark-Taylor Development. The previous owner, Investment Property Associates, implemented a unit renovation program in 2011, and approximately 68 units have been partially or fully upgraded. San Melia features 64 garden-style, two-story buildings with 488,104 rentable square feet on approximately 27.5 acres. It offers one-, two- and three-bedroom units, ranging in size from 728 square feet to 1,345 square feet. Interior features include a full-size washer and dryer, gourmet kitchen, nine-foot ceilings, ceramic tile flooring, and private balcony/patio.

Community amenities include a new, upscale clubhouse with a business center, a new resident's lounge, resort-style heated swimming pool with a sand beach, two spas, a 24-hour, state-of-the-art fitness center, two sand volleyball courts, basketball and tennis courts, barbecue areas and well-appointed cabanas, lighted bike and walking paths, and garage and carport parking.

"We were pleased to be involved in the San Melia transaction," said Cindy Cooke, Executive Vice President of Colliers International. "For Aimco, it was an opportunity to acquire one of the top five properties in all of Arizona. San Melia is located in the highly desirable Ahwatukee Foothills submarket, with an average household income of $102,386 within a three-mile radius. The submarket also has one of the highest occupancy rates in the Valley."   

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the country's largest owners and operators of both conventional and affordable apartments, with 361 communities serving approximately 250,000 residents in 30 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

Investment Property Associates, LLC develops, owns, and manages investment real estate in order to deliver outstanding client experiences and consistent, competitive rewards to all stakeholders. IPA is a recognized leader in the development of multifamily housing with a focus on prime locations, natural settings, sustainable sites, desirable floor plans, premium amenities, social opportunities, and attention to detail. As a full-service commercial real estate development firm, IPA directs multifaceted projects from concept through disposition. With offices in Phoenix and west Michigan, IPA owns and manages approximately 4,000 apartment and student housing units, including the 322-unit Avenida currently under construction in south Chandler, and two new Phoenix-area developments scheduled to break ground by year end. Learn more at www.ipapartners.com.

Colliers International is the third-largest commercial real estate services company in the world with 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate brand in the world.

SOURCE Apartment Investment and Management Company