Commercial Real Estate Direct Staff Report

Partnerships led by Apartment Investment and Management Co. have agreed to sell five garden-style apartment properties with 1,283 units for $76.1 million.

The Denver REIT's Shelter Properties II partnership has agreed to sell the 309-unit Parktown Townhouses at 500 West Pasadena Blvd. in Deer Park, Texas, for $18.9 million. Another partnership, Angeles Income Properties Ltd. 6, will be selling the 178-unit Lazy Hollow at 8782 Cloudleap Court in Columbia, Md., for $17.5 million, while Century Properties Fund XVI is selling the 272-unit Woods of Inverness at 21717 Inverness Forest Blvd. in Houston for $9.5 million.

The other two properties being sold are the 198-unit Chimneys at Cradlerock in Columbia, Md., and the 326-unit Westway Village in Houston.

All the selling partnerships are headquartered in Greenville, S.C. The buyer is a company called Standard Portfolios. No additional information on the buyer could be learned, other than it is headed by David G. Liu.

The Woods of Inverness was built in 1983, while the Parktown complex opened in 1968. The other properties came on line in 1979.

Two of the partnerships have agreed to provide the buyer $1.75 million of junior debt backed by the Woods of Inverness.

Originally, a number of Aimco partnerships had agreed to sell nine properties with 2,393 units for $156.1 million. But four of those properties were ultimately removed from the sale. Those include the 350-unit Arbours of Hermitage Apartments in Hermitage, Tenn., owned by Consolidated Capital Properties IV, also of Greenville, S.C. The other properties pulled from the sale could not be learned.

Aimco throughout the past year has been selling properties in non-target markets and in lower-rated locations within its target markets.

Other Aimco-led ventures last month agreed to sell complexes in Plainsboro, N.J., and Raleigh, N.C., for a combined $39.6 million.

The REIT holds an average stake of 54 percent in a portfolio of 271 properties with 30,816 units.

Comments? E-mail John Covaleski or call him at (215) 504-2860, Ext. 208.