DENVER, CO, May 10, 2012 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) has acquired San Melia Apartments (top left photo), a 488-unit community located at 14435 S. 48th Street in Phoenix, Arizona. Aimco purchased the luxury apartment community from Investment Property Associates, LLC for $68.8 million. The Cooke Team at Colliers International was the broker for the transaction. With the addition of San Melia, Aimco's Arizona portfolio consists of 10 market-rate properties with a total of 2,409 units.
"San Melia is an outstanding apartment community in a highly attractive submarket of Phoenix where we expect solid returns on our investment," said Aimco Executive Vice President of Transactions John Bezzant (lower right photo)."It is conveniently located in proximity to a host of services and employment centers, and the property's high-end amenities create an exceptional living environment for our residents.
“With the new Aimco management team in place, residents can expect superior customer service, a well-maintained property, and the security and convenience of living in a professionally managed apartment community."
For a complete copy of the company’s news release, please contact:
Cindy Duffy of Aimco, +1-303-793-4834, or +1-303-408-5214 Web Site: http://www.aimco.com
All real estate-related news releases and photos will be considered but may be edited for length.
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