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Denver-based Apartment Investment and Management Co. (Aimco) has acquired the Bent Tree apartment community in Fairfax County for $160 million.
Bent Tree, a property with 748 apartment homes, is located in suburban Fairfax near two other Aimco communities with 1,000 apartment homes. Bent Tree has average rents of approximately $1,500 per unit, making this a “B” quality community. The apartment complex has potential for a greater-than-market rate revenue growth through capital enhancements.
“We are pleased to add Bent Tree to the Aimco portfolio, increasing our exposure to the attractive Fairfax County submarket,” said Aimco Chairman/CEO Terry Considine. “Located within commuting distance of downtown D.C. and just minutes from Dulles International Airport, Bent Tree offers residents convenient access to employment while also providing comfortable homes and onsite amenities that support their suburban lifestyle.”
The acquisition was funded with bank borrowings pending the expected third quarter sales to complete the paired trade funding.
Aimco is a Denver-based real estate investment trust with ownership interests in 22 states and Washington, D.C.