Dive Brief:
- Aimco continued the process of liquidating its holdings by going under contract to sell a seven-property portfolio in Chicago to LaTerra Capital Management, in partnership with Respark Residential, for $455 million, according to a Dec. 15 press release.
- The buyer has completed due diligence and provided a nonrefundable deposit that will, under the terms of the agreement, total $20 million by Jan. 15, 2026. Closing of the 1,495-unit portfolio is scheduled for the first quarter of 2026, pending assumption of the in-place mortgage loans. The REIT plans to distribute the majority of net proceeds to shareholders, per its liquidation plan.
- The sale comes a month after Aimco’s board of directors decided to sell the REIT’s remaining assets, concluding its strategic review process that began in January 2025. In August, it sold a portfolio of five suburban Boston-area properties totaling 2,719 units to an affiliate of Harbor Group International.
Dive Insight:
As part of its asset-disposition plans, Aimco plans to sell its Brickell Assemblage, which includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building in Miami, for $520 million, with a targeted closing date of December 2025 as of November. Oak Row Equities is the buyer, according to Bisnow.
As of November, Aimco owned 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 partnership to acquire the Chicago portfolio combines LaTerra’s vertically integrated development and acquisition and investment platform with Respark’s multifamily operating, capital structuring and asset management expertise.
The properties are located across key Chicago suburban submarkets, including the cities of Evanston, Lombard and Elmhurst, according to a press release the buyers shared with Multifamily Dive. The portfolio consists of a mix of high-rise, mid-rise, garden-style and townhome communities.
The Chicago acquisition was financed with assumable below-market Fannie Mae debt, providing substantial positive leverage to the transaction, per the buyers’ release. They plan to implement targeted unit renovations in certain units and to implement active asset management initiatives to enhance operations.
“This portfolio represents an opportunity to acquire institutional assets with strong in-place cash flows and compelling market tailwinds,” Ben Jones, CIO of Respark, said in the buyers’ release. “Chicago’s supply-demand imbalance, combined with the existing financing and scale of this transaction, creates a highly attractive risk-adjusted return profile.”
LaTerra and Respark intend to scale a portfolio of existing multifamily assets in supply-constrained, high-growth markets where long-term fundamentals support durable cash flow and value creation.
“The addition of these communities to LaTerra’s portfolio accelerates the recent launch of our multifamily acquisition strategy through LaTerra Capital Management, which complements our existing ground-up development platform,” Charles Tourtellotte, CEO of LaTerra, said in the buyers’ release.
Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday.
