A local construction company specializing in apartment renovations is paying $80 million to acquire a huge local portfolio from the nation's largest owner of apartment communities.
Ardizzone Enterprises Inc. has agreed to buy 1,885 units from Denver-based Apartment Investment & Management Co., or AIMCO. The sale includes Bent Tree near 86th Street and Michigan Road, Brookwood at U.S. 31 and Thompson Road, Cheswick Village at 30th Street and Post Road, Reflections at 79th Street and Harcourt Road, and Winchester Village at Madison Avenue and Stop 11 Road.
The blockbuster deal was brokered by locally based Tikijian Associates. The firm received 10 offers in just 30 days for the properties, which they marketed without an asking price.
Apartment properties are attractive to buyers because occupancy rates are rising as the market for single family homes suffers.
Ardizzone, founded in 1959, most recently focused on construction, renovation and repair of apartment buildings. The firm has done work for AIMCO, including $3.7 million in work at Bent Tree and $1.5 million at Reflections.
"This is something our company has planned for the last several years," said Tony Ardizzone, one of the company's owners, in an interview with IBJ. "While we've never owned apartment communities, we're one of the largest construction contractors dealing with apartment communities in the state. We just thought it would be a good fit."
Dallas-based Lincoln Property Companies, a customer of Ardizzone's, will manage the portfolio. All current employees are being offered the opportunity to stay.