LaTerra and Respark Acquire Aimco's 1,495-Unit Chicago Apartment Portfolio for $455M

LaTerra Capital Management and Respark Residential closed on the acquisition of Aimco's seven-property, 1,495-unit multifamily portfolio in metro Chicago on March 27, 2026, for $455 million. The deal was struck under Aimco's Plan of Sale and Liquidation, approved by stockholders in February 2026. Aimco expects net proceeds of approximately $160 million after property-level debt and transaction costs, which it intends to distribute to shareholders. The portfolio was brokered by Berkadia. The seven properties span Elmhurst, Evanston, Chicago, Rolling Meadows, and Lombard, Illinois. - LaTerra Capital Management: California-based real estate investment and development firm managing value-add and development assets; affiliate of LaTerra Development. - Respark Residential: Co-buyer and operator. - Aimco (NYSE: AIV): Denver-based apartment REIT executing a full liquidation strategy following strategic review. The Chicago portfolio is among its largest dispositions under the liquidation plan. - 3650 Capital: Alternative lender providing $104 million in preferred equity; co-founders Jonathan Roth, Justin Kennedy, and Toby Cobb structured the deal. The total capitalization included approximately $308 million of Fannie Mae loan assumptions (assumed from Aimco's in-place debt), $104 million in preferred equity from 3650 Capital, and equity from LaTerra and Respark. Approximately $20 million of invested capital was earmarked for unit and common area improvements.