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Aimco Closes Sale of Asset Management Portfolio to Related Companies

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Apartment Investment and Management Company ("Aimco") (NYSE:AIV) today
announced that the company has closed the previously announced sale of
its Asset Management portfolio and four affordable apartment communities
to Related Companies' affordable division for $590 million. With this
sale, Aimco completes the exit from its affordable housing line of
business.

Aimco's Asset Management portfolio is a fee-based business in which
Aimco has been the general partner in partnerships owning interests in
low-income housing tax credit apartment communities. As general partner,
Aimco has provided asset management and other services to these
partnerships and has received fees and other payments in return. The
portfolio sale to Related also includes the Hunters Point communities -
four affordable, garden style communities with 604 apartment homes
located in San Francisco, CA.

Aimco plans to use the net proceeds of the transaction, after closing
costs and repayment of the Hunters Point property debt, to partially
fund the previously-announced acquisitions of Bent Tree in Fairfax
County, VA and a portfolio of six communities in Philadelphia, PA, and
to reduce leverage, including the redemption of Class A preferred stock
callable in 2Q 2019.

About Aimco

Aimco is a real estate investment trust focused on the ownership and
management of quality apartment communities located in select markets in
the United States. Aimco is one of the country's largest owners and
operators of apartments, with ownership interests in 134 communities in
17 states and the District of Columbia. Aimco common shares are traded
on the New York Stock Exchange under the ticker symbol AIV, and are
included in the S&P 500. For more information about Aimco, please visit
our website at www.aimco.com.

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