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Aimco
Aimco, the Terry Considine-founded REIT, pivoted from a coast-spanning apartment portfolio to a focused Sun Belt value investor via a 2020 corporate...
Aimco
Aimco was founded in 1994 by Terry Considine, who previously built a portfolio of multifamily properties through a series of consolidating transactions before taking the company public. Considine remains Chairman. The firm is headquartered in Denver and has historically been structured as a publicly traded real estate investment trust. Wes Powell, a long-time lieutenant, assumed the role of President and CEO, leading a strategic pivot that fundamentally altered the portfolio's geographic and economic profile. The firm executes a disciplined value investing strategy across the multifamily sector. Aimco typically targets B- and C-class apartment communities in high-growth Sun Belt markets such as Atlanta, Miami, and Denver, while divesting premium properties in coastal gateway cities. The strategy emphasizes acquiring assets at a deep discount to replacement cost, undertaking moderate value-add renovations, and capturing rental upside as markets tighten. Confirmed past transactions include the $375 million portfolio sale of eight coastal properties in 2021 and the acquisition of the Bentley Place community in the Atlanta metro area. The firm engages in direct property ownership and rehabilitation, not ground-up development, maintaining a conservative leverage profile relative to REIT peers. Aimco operates with a lean internal team, having dramatically simplified its corporate structure since the 2020 spin-off of its stabilized assets into a separate public vehicle, Apartment Income REIT. This separation allowed the remaining Aimco entity to focus purely on repositioning and value-creation opportunities. While the exact professional headcount is not publicly fixed, the firm's public filings reflect a streamlined operation. In May 2023, Aimco announced the promotion of Wes Powell to President, formalizing his leadership role alongside Chairman Considine and underscoring a succession plan that pairs institutional knowledge with an activist reinvestment doctrine. Aimco's structural differentiator is its deliberate corporate bifurcation designed to unshackle its value-investment engine from the demands of a stabilized income vehicle. By spinning off Apartment Income REIT, Aimco created a dedicated turnaround laboratory. This architecture allows the firm to ignore dividend-focused institutional pressure and concentrate capital in properties that depress current earnings in exchange for future revaluation gains, a posture rare among publicly traded REITs where short-cycle yield typically governs behavior.
General information
Firm type
Asset Manager
Year founded
1994
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Denver
Corporate office
Denver, CO, United States
Principals
Wes Powell
President and Chief Executive Officer
Terry Considine
Chairman
Sector focus
Frequently asked questions
What prompted Aimco to spin off Apartment Income REIT?
Aimco separated its stabilized, higher-leverage assets into Apartment Income REIT in 2020 to isolate capital-intensive redevelopment activity from income-oriented shareholders. The transaction aimed to sharpen Aimco's focus on properties requiring significant operational turnaround or physical repositioning, while the new entity secured a lower cost of capital for stable assets.
How does Aimco define its target acquisition profile?
Aimco targets B- and C-class multifamily properties in high-growth Sun Belt markets where it can enter at a substantial discount to replacement cost. The strategy favors acquisitions where physical renovations or management changes can meaningfully boost net operating income, typically avoiding new construction and institutional-quality assets already trading at full value.
What role does Terry Considine still play at the firm?
Terry Considine remains Chairman of the board, providing strategic continuity. Wes Powell, the President and CEO, oversees day-to-day investment decisions and the execution of the portfolio's reallocation from coastal markets into the Sun Belt. Considine's ongoing involvement keeps the firm tethered to a multifamily specialization that dates back more than three decades.
What geographies does Aimco currently prioritize?
The firm has systematically sold properties in high-cost coastal markets — including the Bay Area and Boston — and reinvested in Sun Belt metros such as Atlanta, Denver, and Miami. These target markets are characterized by above-average population and employment growth, lower regulatory barriers to rent increases, and a supply pipeline that lags household formation.
Does Aimco develop new apartment buildings?
No. Aimco avoids ground-up development. The firm focuses on acquiring existing, cash-flowing communities at a discount to what it would cost to build them new. Capital is then deployed into unit interior upgrades, common-area improvements, and operational overhauls rather than new construction risk.
Is Aimco still a publicly traded REIT?
Yes. Aimco trades on the New York Stock Exchange under the ticker AIV. Despite the 2020 spin-off of Apartment Income REIT, the parent company retained its public listing and REIT structure, though the resulting entity is smaller, more concentrated, and oriented toward value appreciation rather than dividend yield compared to its pre-split composition.
What is Aimco's leverage philosophy?
Aimco maintains a conservative balance sheet by REIT standards, typically targeting lower loan-to-value levels than peers. The firm uses moderate, property-level debt and avoids the structural leverage that characterized the company before the 2020 separation. This conservative posture allows the firm to pursue opportunistic acquisitions without forced selling during credit contractions.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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