AIMCO Drops $53 M. on Harlem Property Package

The last time AIMCO, the Denver-based development group, was in the headlines it was in the initial stages of making a bid for Starrett City with big boys Tishman Speyer and the Related Companies.

While AIMCO, and seemingly everyone else, lost out on that deal, the group has not slowed down. It recently closed on an eight-property deal in Harlem for $53.75 million, according to a company spokesperson.

The deal, which includes 204 rental units and 31 commercial units, totals approximately 189,000 square feet. Five of the eight properties sit on the 2200-2400 blocks of Adam Clayton Powell Boulevard.

“Our plan is to continue to reinvest in the residential units for the next few years,” the spokesperson told The Observer.

AIMCO has been quite active in Harlem over the last year. In March, the company announced plans to acquire 80 properties in West Harlem during the next 10 years. This transaction, however, was separate from that plan.