AIMCO

From Wikipedia, the free encyclopedia

Apartment Investment and Management Company
Type	Public (NYSE: AIV)
Founded	1975
Headquarters	Denver, Colorado
Key people	Terry Considine, CEO
Industry	Real Estate Investment Trust
Products	Apartment Homes
Revenue	▲ $1.521 billion USD (2005)
Website	www.aimco.com

AIMCO (NYSE: AIV) is the largest owner and operator of apartment communities in the United States, with approximately 1,475 communities comprised of nearly 260,000 units in 47 states, the District of Columbia and Puerto Rico.

1 History
2 Controversy
3 Management
4 External links

[edit] History

In 1975, Terry Considine founded The Considine Company, Inc. which owned and operated apartment communities around the United States. In 1987, The Considine Company acquired a 75% stake in Denver-based McDermott, Stein and Ira forming Property Asset Management. Along with their own properties, Property Asset Management also managed apartments for PDI, Inc., another asset management firm headed by Peter Kompaniez and Robert Lacy.

In 1994, partnering with Kompaniez and Lacy, Considine formed a Real Estate Investment Trust to merge Property Asset Management and PDI, Inc. to form the Apartment Investment and Management Company (AIMCO). AIMCO went public in July, 1994.

[edit] Controversy

Some residents have put forward complaints involving unsanitary move-in conditions, failure to fix appliances after multiple requests, failure on the part of AIMCO subsidiaries to honestly document and report on disputes, with subsequent attempts to collect extra rent and fines and threaten former tenant's credit ratings. AIMCO lost a case in California claiming that it charged residents excessive application fees, in violation of state law. [1]

A 2006 lawsuit said Richard James Miller resigned a year ago from the company, known as AIMCO, because he no longer could tolerate the way he was treated while working as assistant community manager at the Bank & Boston Lofts on 17th Street in downtown Denver.

"When confronted with Miller's complaint of harassment, Desjardin claimed she did not know Miller was gay and would not have used homophobic slurs and epithets in his presence if she had known," the lawsuit said."[2]