LaTerra Development And Respark Residential Acquire Seven Chicago-Area Apartment Complexes For $455M From AIMCO

The asset involved in this transaction includes seven apartment complexes located in the Chicago-area. The complexes, which are categorized as multifamily properties, include addresses at 5140 South Hyde Park Boulevard, 1 Elm Creek Drive, 2850 Southampton Drive, 1715 Chicago Avenue, 2233 South Highland Avenue, and 2200 South Grace Street. The total transaction amount for this sale is $455,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $455,000,000
• Buyer: Charles Tourtellotte - LaTerra Development; Nicolas Weinstein - Respark Residential
• Seller: Ray Gilmour - AIMCO
• Closing Date: Q1 2026
• Non-refundable Deposit: $20,000,000
• Estimated Net to Seller After Debt and Transaction Costs: $160,000,000

In this transaction, Aimco is making a full exit from the Chicago market as part of its nationwide liquidation strategy. The buyers, LaTerra Development and Respark Residential, will assume existing loans associated with the properties as part of the sale agreement.