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Aimco looks to sell Manhattan multifamily portfolio for $250M

Offering includes 556 units across a dozen uptown buildings

AIMCO CEO Terry Considine and 240 West 73rd Street (Photos via Google Maps, Colorado Christian University)
AIMCO CEO Terry Considine and 240 West 73rd Street (Photos via Google Maps, Colorado Christian University)

Apartment giant Aimco is downsizing its Manhattan holdings.

An affiliate of the Denver-based REIT is offering a dozen buildings on the Upper East and Upper West Sides for $250 million, according to marketing materials.

The 556-unit portfolio of Class B apartments is being pitched as a recession-resistant investment, with the potential to boost rents by improving the properties, most of which are market-rate.

Aimco renovated about 36 percent of the units, and a new owner “may continue this renovation strategy, revitalizing the remaining units to a luxury standard,” according to marketing materials from Cushman & Wakefield, which is running the process through a team led by Adam Spies and Adam Doneger.

A representative for Aimco could not immediately be reached for comment.

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Included in the portfolio is the 195-unit Tempo rental building at 240 West 73rd Street, which is being pitched as a repositioning opportunity.

Aimco had sought to convert 69 of the building’s affordable units into high-end apartments, but those plans were dashed in 2015 when a judge ruled that the landlord was harassing low-rent tenants at the address.

Last year, the real estate investment trust spun off its multifamily investment arm into a separate company, Apartment Income REIT, or AIR.

This week, AIR inked the largest multifamily deal in South Florida so far this year, purchasing a 700-unit apartment complex in Pembroke Pines for just under $223 million, or around $300,000 per unit.

Elsewhere, Aimco is battling with tenants over lease terminations at its Hamilton on the Bay apartment building in Miami’s Edgewater neighborhood, which it plans to redevelop. The company sold nearly 8,000 affordable apartments across the country to Related Companies in 2018.