Dranoff Properties, Inc. and Apartment Investment and Management Company (NYSE:AIV) announced a transaction in which Dranoff Properties will sell Aimco its apartment community holdings in the Philadelphia MSA for a purchase price of $445 million. The portfolio includes six properties, comprising 1,006 existing apartment homes, 110 apartment homes under construction, and 185,000 square feet of office and retail space.
"With a pipeline of new and exciting projects on the horizon, the timing is right to sell six of our premier properties to Aimco and become a major investor in the company. Aimco's expansion and commitment to Philadelphia make them ideal stewards of these trophy assets that we carefully built, owned and managed," said Carl Dranoff, Founder and CEO of Dranoff Properties.
Janney is acting as Financial Advisor to Dranoff Properties, Inc. in this transaction.
About Dranoff Properties
Dranoff Properties is one of the nation's leading multifamily developers, based in Philadelphia, PA. Founded in 1997 by Carl E. Dranoff, Dranoff Properties specializes in transforming urban neighborhoods into unparalleled residential and mixed-use destinations that attract new residents, retailers, and businesses. Dranoff operates with a hands-on, detail-oriented philosophy designed to ensure that each property sets industry benchmarks. The company prides itself on creating compelling spaces that are meticulously detailed and unmistakably Dranoff quality, delivering complete live, work and play communities.
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Janney's Real Estate, Lodging & Leisure Investment Banking group is an active, experienced team focused on capital markets, capital structure, and advisory assignments. The team works closely with Real Estate Investment Trusts (REITs) and real estate operating companies on private and public capital raisings across the capital spectrum — including common equity, preferred, and equity-linked securities, as well as senior and subordinated debt. In addition to providing underwriting services, the group advises clients on their range of strategic options including joint ventures, acquisitions, divestitures, and restructurings. Clients operate across a broad range of sectors including gaming, healthcare, homebuilding, industrial, lodging, leisure, multifamily, net lease, office, retail, self-storage, and travel, among others.
About Janney
Established in 1832, Janney Montgomery Scott LLC is a leading full-service investment banking and financial services firm serving individual, corporate, institutional and government clients. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
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Janney’s Investment Banking practice is a leader in middle-market financing solutions. We place a high value on our consistent track record of delivering solutions to our clients. Since 2009, we have completed 605 transactions aggregating $85B in transaction value. We work with clients on a highly-personalized basis, providing exceptional service, commitment and senior level attention.
