Denver-based REIT Aimco bought back its stake in three apartment communities in West L.A., totaling 1,381-units, the company announced Thursday.
It paid its from its former joint venture partner, J.P. Morgan Asset Management, $451.5 million to re-gain 100 percent of the three-property portfolio in La Brea, called Palazzo. The Palazzo at Park La Brea, located at 6220 W. 3rd Street, contains 521 units. Palazzo East at 348 S. Hauser Boulevard has 610 units and the Villas at Park La Brea has 250.
Aimco developed the three apartment complexes between 2002 and 2004. There are a total of 12 four-story structures.
“We are glad of the opportunity to re-acquire 100 percent ownership of the three Palazzo properties,” Aimco CEO Terry Considine said in a statement.
Although J. P. Morgan eventually bought a partial stake in properties, roughly ten years ago, Aimco remained the operator, according to Considine. [PE Hub] — Cathaleen Chen