This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Lincoln Place Apartments (Graphic: Business Wire)

Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced the closing of financing to fund its Lincoln Place redevelopment.

Lincoln Place is a 35-acre property located approximately 1.5 miles from the Pacific Ocean in Venice, California, one of southern California’s premier residential submarkets.

Lincoln Place is surrounded by numerous cultural, retail and entertainment amenities, including the world famous Venice Beach and Boardwalk, a short 10-minute bike ride from the community, and the Santa Monica Pier, less than three miles away. Los Angeles International Airport is approximately five miles to the south of Lincoln Place and residents of the community have direct access to several major freeways, arterials, as well as to public transportation, including, in two years, access to the Los Angeles light rail system. High tech companies have been attracted by these qualities, giving rise to the area sometimes being called “Silicon Beach.” For example, Google’s southern California headquarters are located 1.3 miles west of Lincoln Place.

Terry Considine, Chairman and Chief Executive Officer, comments: “It is very gratifying that the Lincoln Place redevelopment is now underway. It has taken many years to arrive here. More, it has taken the hard work of many, including officials of the City of Los Angeles, the HUD Los Angeles field office, and my Aimco teammates. I am delighted by our prospects.”

Demand for apartments in Venice is strong with approximately 30% of the submarket population in the prime renter age cohort of 24 to 40 years old and with renters accounting for 57% of all households. As of second quarter 2012, the submarket median income was $76,000 while the submarket median home value was $635,000. The submarket multifamily supply increased at the annual average of 1.74% between 1990 and 2009. Since 2009, only 70 units have been added. REIS, a third-party provider of commercial real estate performance data and analysis, projects that it will take four more years for multifamily completions as a percentage of existing stock to return to historic levels.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs