SAN BRUNO, Calif., Sept. 10, 2013 /PRNewswire-FirstCall/ -- Mayor Jim Ruane, San Bruno City officials, Chamber of Commerce leaders and project partners joined Apartment Investment and Management Company ("Aimco") (NYSE: AIV) at a ribbon-cutting ceremony today to celebrate the $121 million redevelopment of Pacific Bay Vistas apartment homes at 2 Pacific Bay Drive.
"It is exciting to be part of today's grand opening and to see the magnificent transformation that has occurred at Pacific Bay Vistas," said San Bruno Mayor Jim Ruane. "We are looking forward to welcoming new residents to San Bruno who will enjoy a special community close to area business, services and recreational opportunities. Aimco is a terrific partner in our community, and these new homes will surely revitalize the neighborhood and bring many benefits to our City."
"We are so pleased to be open for business and be able to provide exceptional homes at the new Pacific Bay Vistas. The new community holds a special place at the gateway to San Bruno with terrific views, and amenities in a first-class location," said Aimco Senior Vice President Patti Shwayder. "We are grateful for the cooperation and support we have received from the City, our project partners and our neighbors. We look forward to being good neighbors as we continue to invest in San Bruno and in our Northern California portfolio."
Pacific Bay Vistas is located on 13 acres of hilltop with views of the Pacific Ocean to the West and the San Francisco Bay to the East. The project scope includes a complete exterior and interior rehabilitation of all 14 residential buildings. The 308 apartments feature high-end interior finishes, including granite countertops, vinyl wood flooring, washer/dryers, clean steel appliances, and a private patio or balcony in each unit.
Newly constructed on the property is a 4,300 square foot leasing center and clubhouse featuring a business center, bar area, resident lounge, and a movie theater for residents. A brand new 4,600 square foot fitness center offers residents an indoor salt water lap pool, an expansive fitness room with state-of-the-art equipment Techno-gym equipment, and an indoor lounge area with Wi-Fi access. An outdoor fireplace and BBQ area, a fenced dog park, and a smoke-free environment are additional resident amenities.
The project is an example of sustainable rehabilitation with green building elements including: Energy Star appliances, energy efficient windows and sliding doors and light fixtures, low flow toilets and shower heads, ultra energy-efficient LED lights in exterior and common areas, a modern recycling program, and drought tolerant sustainable landscaping with irrigation controllers to conserve water.
Aimco is one of the country's largest owners and operators of apartment homes, with 258 communities serving approximately 250,000 residents in 23 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.