CHICAGO — LaTerra Capital Management, an affiliate of LaTerra Development, in partnership with Respark Residential, is under contract with Aimco (NYSE: AIV) to acquire a 1,495-unit, seven-property portfolio located across suburban Chicago submarkets including the cities of Evanston, Lombard and Elmhurst.
The portfolio is being acquired at a purchase price of $455 million, with a closing targeted for the first quarter of 2026, pending the assumption of in-place mortgage loans. The joint-venture buyer has completed due diligence and partially funded a non-refundable deposit that will, under the terms of the agreement, total $20 million by Jan. 15, 2026.
According to Aimco, net proceeds from the sale of the Chicago portfolio, when accounting for associated property-level debt and transaction costs, are expected to be approximately $160 million. If closing occurs as planned, Aimco intends to distribute the majority of net proceeds to shareholders. The portfolio consists of a mix of high-rise, mid-rise, garden-style and townhome communities. Some properties will undergo targeted unit renovations.