Apartment Investment Buys Palazzo East
Apartment Investment & Management Co. paid about $199 million for a 610-unit housing complex, the last of three sites the company agreed to buy in Los Angeles.
The Palazzo East complex is 60% occupied and has rents averaging $2,390 a month, Denver-based Apartment Investment said. The company agreed to acquire the complex as part of its March 2002 purchase of Casden Properties Inc.
Apartment Investment bought the Villas at Park La Brea in November 2002, the Palazzo at Park La Brea in January 2004 and the Palazzo East last week, spending $417.7 million on the three properties.
The announcement was made after the close of regular U.S. trading. Apartment Investment shares rose 71 cents to $39.21 on the NYSE.
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