Aimco CEO Terry Considine and Hyde Park Tower
A Colorado REIT is seeking to cash out of the resurgent Hyde Park multifamily market.
Denver-based Aimco is looking for a buyer for the Hyde Park Tower, a 155-unit apartment complex at 5140 South Hyde Park Boulevard. The sale could fetch Aimco twice as much as the building’s 2012 appraised value of $22.3 million, according to Crain’s.
Aimco bought the 22-story building in 2004 before spending $9.5 million on upgrades. Between 2012 and 2018, Aimco increased the building’s annual revenue by 44 percent, to $4.2 million.
The building’s performance has been aided by rising rents in the Hyde Park area, which in the first quarter of 2019 jumped nearly 5 percent year-over-year, Crain’s reported.
Rents in the 29-year-old building range from $1,544 for a one-bedroom to $2,532 for a three-bedroom, according to Crain’s. HFF has been hired to market the property.
Aimco, a REIT that invests primarily in apartments, is in the midst of a sell-off of its Chicago-area holdings.
The firm recently sold the 399-unit Twin Lake Towers in Westmont for $79 million. Earlier this year, Aimco sold the 368-unit Savannah Trace apartments in Schaumburg for $72.5 million. [Crain’s] — Joe Ward