The Board of Directors for Aimco has decided to sell the REIT’s remaining assets, concluding its strategic review process.

In January 2025, Denver-based Aimco’s board of directors decided to explore alternatives to “unlock and maximize shareholder value,” which included a potential sale of the REIT as a whole or a disposition of major components of the business. 

The REIT cited “the disparate composition of Aimco's remaining assets and the market feedback received during a robust strategic process” as a driver behind the decision, according to a Nov. 10 press release. 

The sale of the REIT’s remaining assets in multiple transactions “is likely to deliver superior value to shareholders, as compared to other strategic alternatives currently available or by maintaining the status quo,” Aimco, also known as Apartment Investment and Management Company, said in the release.

The strategic process with Morgan Stanley & Co. and Wachtell, Lipton, Rosen & Katz involved 100 counterparties, including financial sponsors, investment managers, public REITs and private real estate companies, among others.

"Having thoroughly explored various strategic alternatives with these counterparties, the Board unanimously 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,” Pat Gibson, independent director and chair of Aimco's Investment Committee, said in the release.

Next steps

Shareholder approval for a “Plan of Sale and Liquidation” is expected to be sought in early 2026. It would allow for the acceleration of asset sales, establish the most tax-efficient manner of monetizing the company's remaining assets and would not preclude a corporate transaction or the sale of the Aimco platform in the future.  

Aimco currently owns 15 fully stabilized multifamily communities, comprising 2,524 units; three recently completed Class A development projects containing 933 apartment homes, which are expected to be stabilized by early 2026; one fully funded active development project in the construction phase; and various land holdings.

The REIT has been actively unwinding its portfolio. In August, it sold a portfolio of five suburban Boston-area properties in Massachusetts, New Hampshire and Rhode Island, totaling 2,719 units, to an affiliate of Harbor Group International. The REIT allocated $335 million of net proceeds to leverage reduction and approximately $330 million was returned to shareholders in the form of a special dividend earlier this quarter.

As part of its plans to dispose of assets, Aimco remains on track to sell its Brickell Assemblage, which includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building, located in Miami, for $520 million, with a targeted closing date of December 2025. Oak Row Equities is the buyer, according to Bisnow.

Aimco estimates that the net proceeds from the sale of its remaining assets, including the Brickell Assemblage, could result in total per share distributions of between $5.75 and $7.10.

Aimco spun off from Denver-based Apartment Income REIT Corp. in December 2020. Together they were part of an apartment giant that controlled 240,540 apartments, ranking as the No. 1 owner in the country in 2000, according to the National Multifamily Housing Council.

Other REIT moves

Aimco is among a handful of smaller apartment REITs that have taken steps to reevaluate their strategic alternatives. 

In a press release posted on Tuesday, Centerspace confirmed that earlier this fall, its Board of Trustees initiated a review of the REIT's strategic alternatives. 

The board, with the support of its independent financial and legal advisors, will consider a range of options, including a sale, merger and other business combinations. Centerspace, which owns more than 12,000 units, said there is no assurance the review will result in a transaction or other strategic change.

The Minneapolis-based REIT has not set a timetable for the review process and has not made any decisions related to any potential strategic alternatives, per the release. It does not intend to comment on developments related to the review until it determines that further disclosure is appropriate or required by law.

After initiating a “formal evaluation of strategic alternatives” earlier this year, Elme Communities took the first step to liquidating the company by selling a 19-asset portfolio to Atlanta-based investor, developer and manager Cortland Partners for $1.6 billion in cash in August. 

In conjunction with the sale, the Bethesda, Maryland-based REIT’s board of trustees has approved a plan of sale and liquidation under which the company would market its remaining nine multifamily assets, as well as Watergate 600 — an office asset — with the goal of a sale in the next 12 months. The REIT’s shareholders still need to approve the plan.

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