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Aimco Puts Up $160 Million for Centreville Apt. Community

Firm Completes Deal with Sentinel Real Estate for Bent Tree
February 26, 2018
Denver-based Apartment Investment and Management Co. (“Aimco”) (NYSE: AIV) struck a deal with Sentinel Real Estate Corp. to acquire the Bent Tree apartment community in Centreville, VA for $160 million, or nearly $214,000 per unit.

Built in 1989 just south of Lee Hwy. and I-66 at 13630 Bent Tree Circle, the 758-unit apartment complex consists of one- to three-bedroom floor plans with average rents at nearly $1,500 a month.

According to a company press release, the accretive purchase resulted in an expected $0.01 per share increase to Adjusted Funds from Operations in the first 12 months of ownership. Aimco, which owns nine other multifamily properties in Northern Virginia, will look to sell a similarly priced property or portfolio to fund the acquisition.

William Roohan, Michael Muldowney, Martha Hastings and Brian Margerum of CBRE represented seller Sentinel Real Estate Corp. in marketing the property.

For more information on the transaction, please see CoStar Comp #4144026.
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