AIR Communities Discloses Two Joint Ventures With Combined Value Of $1.2B
Portfolio Pulse from Akanksha Bakshi
Apartment Income REIT Corp (AIRC) has formed two joint ventures with real estate investors to recapitalize 11 properties valued at $1.2 billion. AIRC will hold a 53% stake in the first JV and a 30% stake in the second. The company will receive $600 million in proceeds and anticipates annual margins of $2.5 million from asset and property management fees.
June 06, 2023 | 3:07 pm
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AIRC forms joint ventures to recapitalize 11 properties valued at $1.2B, receiving $600M in proceeds and expecting $2.5M in annual margins from asset and property management fees.
The formation of the joint ventures will provide AIRC with $600 million in proceeds, which can be used for further investments or to reduce debt. Additionally, the annual margins of $2.5 million from asset and property management fees will contribute to the company's revenue. This news is likely to have a positive impact on AIRC's stock price in the short term.
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