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Aimco Buys Six Philly-Area MF Communities for $445M

Denver-based Apartment Investment and Management Company (Aimco) acquired six apartment communities in the Philadelphia MSA from Philadelphia-based Dranoff Properties, Inc. for $445 million. The portfolio includes 1,006 existing apartments, 110 apartments under construction and 185,000 square feet of office and retail space.

This A quality portfolio, developed by Dranoff, is located primarily in the Center City and University City submarkets of Philadelphia. The communities include:

– Locust on the Park in the Fitler Square neighborhood (152 units)
– 777 South Broad (146 units) and Southstar Lofts on the Avenue of the Arts (85 units)
– The Left Bank in University City (282 units)
– The Victor in Camden, NJ (341 units)
– One Ardmore Place in Lower Merion Township (110 units)

The acquisitions are expected to close in Q2 2018, except for One Ardmore Place, which is expected to close in H1 2019 after completion of construction.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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