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California dealing: AIMCO buys Casden for $1.5 billion

Published Friday, December 07, 2001

Denver-based Apartment Investment and Management Co. (AIMCO), the largest apartment owner and management company, has agreed to purchase Los Angeles-based Casden Properties, a private REIT that owns 17,383 apartments, for $1.5 billion. The sale, which is expected to close in first-quarter 2002, has been approved by Casden shareholders. The approval of AIMCO shareholders is not required. With the purchase of Casden, AIMCO will acquire 6,356 market-rate apartments in southern California, 1,381 of which still are under development, and 11,027 affordable-housing apartments in 25 states. Under the terms of the deal, AIMCO also will acquire National Partnership Investments Corp., ...

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