Apartment Investment and Management Co., or Aimco, said its residential rent collection in the first quarter totaled 97.5% of all amounts owed by its residents, realizing 98.4% of revenue and reserving 160 basis points as bad debt.
The multifamily real estate investment trust collected 100% of rents due at its 72.4%-occupied waterfront office building at 1001 Brickell Bay Drive in Miami during the first quarter.
In reporting its latest earnings, the REIT said it bought 1.5-acres of fully entitled land on the Anschutz Medical Campus in Aurora, Colo., for $6.2 million in the first quarter. It is developing the site as The Benson Hotel and Faculty Club and it has options to acquire an additional 5.2 acres that allows for new development totaling more than 750,000 square feet.
Subsequent to the end of the first quarter, Aimco closed a $150 million, three-year construction loan with two one-year extension options. The loan is secured by its leasehold interest in the North Tower at Flamingo Point in Miami Beach, Fla., with the loan proceeds to be used to finish the development of that property and to fund other investment activity.