Aimco to sell Chicago apartment portfolio for $455M

Apartment Investment and Management Company has entered into a definitive agreement with LaTerra Capital Management, in partnership with Respark Residential, LLC, to sell its portfolio of seven apartment properties, including 1,495 units, located in the Chicago market for $455M. The buyer has completed due diligence and funded, in part, a non-refundable deposit that will, under the terms of the agreement, total $20M by January 15, 2026. Closing is scheduled for the first quarter of 2026, pending assumption of the in-place mortgage loans, the approval of which is currently being pursued. Net proceeds from the sale of the Chicago portfolio, when accounting for associated property-level debt and transaction costs, are expected to be approximately $160M. If closing occurs as planned, Aimco (AIV) intends to distribute the majority of net proceeds to shareholders, pursuant to Aimco’s “Plan of Sale and Liquidation” which we expect to put before shareholders for approval in early 2026.