Apartment Investment Buys Palazzo East
- Share via
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.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
