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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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