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Activist investor Jonathan Litt, whose company holds a little less than 5% of Apartment Investment and Management Co., is in discussions with the REIT's management about a possible sale, Bloomberg reports, citing anonymous sources with knowledge of the matter.
Litt’s Land & Buildings Investment Management believes that there would be many potential buyers for Denver-based Aimco, the sources said, considering how well apartments have done in recent years.
Word of the discussion came immediately after the inking of a partnership between Aimco and Alaska Permanent Fund Corp. to develop up to $1B in apartments.
The fund will provide as much as $360M of limited partner equity for the projects, while Aimco will act as general partner and developer, providing at least $40M through funding or the contribution of assets.
Aimco currently owns more than 6,000 multifamily units nationwide, including properties in California, metro Denver, the Chicago area, Florida and New England. As of Q2 2022, the company had eight development and redevelopment projects in five U.S. markets.
Land & Buildings agrees with Aimco's assessment that it is worth at least $12 a share, Bloomberg reports. As of Friday, Aimco was trading at nearly $10 a share, a bump of more than $1.30 over the previous five days.
Aimco stock is trading about 45% higher than a year ago. So far this year, the company has repurchased more than 742,000 shares of its common stock.
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