Quantcast
Last updated on April 24, 2014 at 5:30 EDT

Apartment Investment and Management Company Announces Details of Pacific Bay Vistas Redevelopment Project

January 12, 2012

DENVER, Jan. 12, 2012 /PRNewswire/ — Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced the details of its Pacific Bay Vistas (formerly Treetops) redevelopment project during an official groundbreaking ceremony today at the property located at 4300 Susan Drive, San Bruno, California.

(Photo: http://photos.prnewswire.com/prnh/20120112/LA35079)

“We are pleased to launch the redevelopment of Pacific Bay Vistas, which represents a significant start to our 2012 redevelopment program and a considerable addition to our Northern California portfolio,” said Aimco Chairman and Chief Executive Officer Terry Considine. “This property, in a tremendous location in the San Mateo submarket, will offer residents magnificent views, easy access to transportation, proximity to employment centers and the convenience of close-by services. Pacific Bay Vistas will undoubtedly become one of Aimco’s signature properties.”

“We are excited to have this important project underway,” said San Bruno Mayor Jim Ruane. “Today’s groundbreaking represents the culmination of years of planning and collaboration among Aimco representatives and City officials. The new apartment community, at the gateway to our city, will revitalize the neighborhood and offer residents an upscale living environment close to many of the City’s top amenities.”

Pacific Bay Vistas is located on 13 acres of hilltop with views of the Pacific Ocean to the West and the San Francisco Bay to the East. The project scope includes a complete exterior and interior rehabilitation of all existing residential buildings. The 308 units will feature high-end interior finishes to appeal to our customers’ upscale tastes, including granite countertops, vinyl wood flooring, washer/dryers, clean steel appliances, and a private patio or balcony in each unit. A new 4,300 square foot leasing center and clubhouse will be constructed on a vacant parcel and will include a conference room, business center, bar area, resident lounge, and a movie theater for residents. A new 4,600 square foot fitness center will include an indoor salt water lap pool, an expansive fitness room with state-of-the-art equipment, and an indoor lounge area with Wi-Fi access. New common areas will include a covered outdoor fireplace/BBQ area and a fenced dog park.

The project will be a model for sustainable rehabilitation with green building elements including: Energy Star appliances, energy efficient windows and sliding doors and light fixtures, low flow toilets and shower heads, ultra energy-efficient LED lights in exterior and common areas, a modern recycling program, and drought tolerant sustainable landscaping with irrigation controllers to conserve water.

The Aimco redevelopment project is expected to generate approximately 250 jobs over a 15-month period. The financial details of the redevelopment are as follows ($ in millions unless otherwise noted):

    Aimco basis as of December 31, 2011*                                $41
    Estimated redevelopment costs                                       $52
    Total estimated investment at
     completion                                                         $93
    Stabilized rents, excluding future
     market rent growth                                              $2,200

    Construction start                                             4Q 2011
    Initial occupancy                                              3Q 2012
    Construction complete                                          3Q 2013
    Stabilized operations                                          4Q 2013

      * Net of impairment charge of $5.7 million recognized in 4Q
       2008
      and including $3.2 million of direct redevelopment costs
       incurred
      to date.

The redevelopment of Pacific Bay Vistas will be funded by a $72.2 million FHA Section 221 (d) (4) loan, which carries an interest rate of 4.09%, excluding a 0.45% mortgage insurance premium fee. The loan is interest only until November, 2013. It then converts to a fully amortizing 40-year loan that is freely pre-payable after 10 years. The lender and servicer of the loan is Red Mortgage Capital, LLC.

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States. Aimco is one of the country’s largest owners and operators of both conventional and affordable apartments, with 565 communities serving approximately 250,000 residents in 38 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

SOURCE Apartment Investment and Management Company


Source: PR Newswire