Apartment Investment and Management Company completed the spin-off of Apartment Income REIT.

Apartment Investment and Management Company, a self-administered and self-managed real estate investment trust, completed the spin-off of Apartment Income REIT, a newly formed, self-managed real estate investment trust will provide a simple and transparent way to invest in the multi-family sector. The new entity, Apartment Income REIT, will be a self-managed REIT that will own 93.5% of a portfolio of 98 stabilized properties totaling 26k apartment homes. Located in major markets including Los Angeles, Washington D.C. and Philadelphia, the properties will be selected from Aimco’s existing portfolio. The assets have a total estimated fair market value of $10.4bn.