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Article: Apartment Investment and Management Company Announces $1.5 Billion Acquisition of 17,383 Units From Casden Properties of Los Angeles; Increases Asset Base to $15 Billion; 363,000 Apartment Units.
- Article from:
- PR Newswire
- Article date:
- December 4, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DENVER -- Apartment Investment and Management Company ("Aimco"), the nation's largest owner and operator of apartments, has agreed to acquire 100% ownership of 17,383 apartment units through the acquisition of Casden Properties, a Los Angeles-based private real estate investment trust ("REIT"). As part of the transaction, the selling group, including Alan Casden and affiliates of Blackacre Capital Management, LLC, New York, will acquire $213 million in Aimco common stock and common OP Units at a price of $47 per share. The $1.5 billion acquisition is comprised of:
-- 6,356 conventional apartment units located in Southern California of
which 1,381 units, ...