Apartment Investment & Management Co.
), commonly known as Aimco, opened the San Bruno, Calif.-based
luxury apartment homes - Pacific Bay Vistas - after extensive
redevelopment. The move is in line with Aimco's ongoing portfolio
Pacific Bay Vistas is located at 2 Pacific Bay Drive in the
center of San Bruno. The property is strategically located in an
area that offers a view of the Pacific Ocean to the west and the
San Francisco Bay to the east. Also, it enjoys proximity to the
famous adventure park and beach of the area. As per the
redevelopment plan, all 14 residential buildings of Pacific Bay
Vistas were refurbished. All the 308 apartments of the asset are
well furnished with both basic and modern amenities.
With the strategic location and improving San Bruno housing
market trends, Pacific Bay Vistas provides huge upside potential
for Aimco, going forward. Moreover, rise in apartment demand
generated by 'echo boomers' - children of the baby boomer
generation - especially in Sunbelt regions is expected to offer
Aimco ample growth opportunity for its B/B+ assets.
Notably, Aimco has been focusing on expanding its footprint
through acquisitions and redevelopments across target markets in
the U.S. that are concentrated mostly in coastal areas including
the Sunbelt cities. Consequently, the company acquired a Midtown
Atlanta-based five-story property for $9.5 million in the current
quarter. Moreover, Aimco has several other apartment homes in its
redevelopment pipeline including Elm Creek in Illinois as well as
Lincoln Place and The Preserve at Marin, both in California.
Aimco currently carries a Zacks Rank #3 (Hold).
Better-performing REITs that are worth a look include
Campus Crest Communities, Inc.
Sun Communities Inc.
Douglas Emmett Inc.
). All of these stocks carry a Zacks Rank #2 (Buy).
APARTMENT INVT (AIV): Free Stock Analysis
CAMPUS CREST CM (CCG): Free Stock Analysis
DOUGLAS EMMETT (DEI): Free Stock Analysis
SUN CMNTYS INC (SUI): Free Stock Analysis
To read this article on Zacks.com click here.