Aimco is cashing out of a big slice of the Chicago-area rental market. The company has struck a deal to sell seven apartment properties, totaling 1,495 units, to LaTerra Capital Management in partnership with Respark Residential for $455 million. The closing is slated for the first quarter of 2026, and Aimco says it expects roughly $160 million in net proceeds that would largely be returned to shareholders under its broader plan of sale and liquidation.
In a press release from PR Newswire, Aimco said LaTerra Capital Management, an affiliate of LaTerra Development, will partner with Respark Residential on the acquisition. The buyer has already completed its due diligence and has funded, in part, a nonrefundable deposit that will, under the agreement, total $20 million by January 15, 2026. The deal is still conditioned on the buyer’s assumption of the in-place mortgage loans, so lender sign-off remains a key hurdle before the handoff is official.
The sale is part of Aimco’s ongoing effort to wind down its remaining holdings after a strategic review earlier this year. Multi-Housing News reports that the board has moved toward an orderly liquidation that includes returning capital to shareholders and seeking approval of a formal Plan of Sale and Liquidation in early 2026.
Which buildings are included
According to documents filed with the SEC, the Chicago-area package includes seven properties: Elm Creek in Elmhurst (400 units), Eldridge Townhomes in Elmhurst (58 units), Willow Bend in Rolling Meadows (328 units), Evanston Place in Evanston (190 units), Yorktown Apartments in Lombard (292 units), 2200 Grace in Lombard (72 units) and Hyde Park Tower in Chicago (155 units). Together, they add up to 1,495 apartment homes, with the property names and unit counts matching Aimco’s asset listing on file with the SEC.
Aimco said net proceeds from the sale, after accounting for property-level debt and transaction costs, are expected to be approximately $160 million. If the closing occurs as planned, the company intends to distribute the majority of those proceeds to shareholders. The company has also reiterated that lender approvals for loan assumption remain a closing condition, according to PR Newswire.
What shareholders and renters should watch
Aimco’s board has already voted to pursue the liquidation strategy and plans to ask shareholders to approve a Plan of Sale and Liquidation early next year, with proxy materials to be filed ahead of any vote, industry coverage says. Multifamily Dive notes that the decision followed an expansive strategic review and multiple asset dispositions earlier in 2025.
For renters at the affected properties, near-term disruption is unlikely before the deal closes, since Aimco is expected to keep operating the communities until the transaction is finalized. Any changes to day-to-day management, branding, or renovation plans will hinge on what LaTerra and Respark decide to do after closing and on lenders approving the loan transfers. Investors and residents keeping tabs on the wind-down should watch for Aimco’s upcoming proxy statement and any SEC 8-K filings, which are expected to spell out timing, tax treatment, and the company’s planned distribution schedule.
