Janney Is Acting as Financial Advisor to Dranoff Properties on its Announced $445 Million Sale of Six Portfolio Properties to Aimco

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.
 
"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.
 
Dranoff Properties, Inc. and Apartment Investment and Management Company ("Aimco") (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.

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