Aimco, in reporting its latest financial results, said it purchased the 58-unit Eldridge Townhomes community in Elmhurst, Ill., for $40 million during the third quarter.
During the same period, the multifamily real estate investment trust acquired two properties next to its Hamilton on the Bay apartment community in Miami for $7 million.
The company also formed a joint venture with Kushner Cos. LLC to buy three undeveloped land parcels in downtown Fort Lauderdale, Fla., in a $49 million deal set to close in January 2022.
Aimco will pay $25 million for a 51% stake in the parcels, which are zoned for about 3 million square feet of multifamily homes and commercial space.
The REIT also spent $4 million to acquire seven acres of developable land in Colorado Springs, Colo., which can be used to build 119 apartment homes and townhomes.