Aimco Honored for Revitalizing Lincoln Place While Preserving Its Historic Character

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May 26, 2015, 06:29 ET

DENVER, May 26, 2015 /PRNewswire/ -- Apartment Investment and Management Company (Aimco) (NYSE: AIV) received a prestigious Preservation Award from the Los Angeles Conservancy for transforming Lincoln Place into an apartment community that offers the convenience of 21^st century living while retaining the timeless features of mid-20^th century architecture. Conservancy Executive Director Linda Dishman presented the honor to the Aimco team during a May 7 awards luncheon attended by more than 600 business and community leaders in Los Angeles.

Aimco preserved the mid-century modern architecture of Lincoln Place and the community's many green spaces featuring native trees.

Aimco's redevelopment of Lincoln Place offers residents upscale apartment living and top-flight amenities such as saltwater pool with underwater music.

Prior to Aimco's ownership, Lincoln Place – like many other garden apartments – had become a prime target for demolition because of its vast acreage and low density, spurring a decade-long preservation disagreement. Under Aimco's ownership, the redevelopment of Lincoln Place united a sensitive restoration of the unique historic features of the property with construction of new, modern apartment homes and state-of-the-art amenities.

"Aimco changed course and embraced preservation. With a mix of rehabbed and restored interiors, the project team refinished original hardwood floors, restored more than 5,000 wood windows and kept 350 mature trees in the landscape," said Dishman. "The reopening of Lincoln Place meant many things to many people: the survival of an important place against great odds, a model success story for an increasingly threatened building type, the hard-won victory of devoted activists, and the preservation of not just a great place but a great way of life – for everyone."

"Lincoln Place has held a special place in the history of Venice and Los Angeles, and it holds a special place in Aimco's history," said Patti Shwayder, Aimco's senior vice president of government relations and communications. "Lincoln is a shining example of how we can invest in the unique historic character and timeless features of our communities across the country while creating something very special for our residents. We are so pleased to welcome nearly 2,000 residents to a place that was once empty, boarded and fenced, and has now become a hub of vitality and a boon to Venice."

The Lincoln Place redevelopment included the rehabilitation of 45 buildings with 696 apartment homes and the construction of 99 new apartments on vacant parcels. Highlights of the new Lincoln Place are a two-story 6,500 square foot fitness and recreation center, a rooftop social deck with panoramic views, a saltwater swimming pool with underwater music, poolside cabanas, a barbeque area and a fire pit along with plentiful open spaces. Working in partnership with the LA Department of Water and Power, Aimco implemented a series of sustainable measures such as ultra-efficient LED lighting, and low water use, eco-friendly landscaping to reduce energy and water usage by close to 30 percent. Lincoln Place also features a high speed, fiber optic network which enables connectivity throughout the community. Aimco recently received a 2015 Cornerstone Award from Broadband Communities magazine for technological advances at Lincoln Place.

Originally constructed between 1949 and 1951, Lincoln Place is listed on the national and California registers of historic places. Its rehabilitation was conducted in accordance with the Secretary of Interior's Standards for the Treatment of Historic Properties. For more information, visit http://www.lincolnplaceapthomes.com.

Aimco is a real estate investment trust that is focused on the ownership and management of quality apartment communities located in the largest markets in the United States. Aimco is one of the largest owners and operators of apartments with 198 communities in 23 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.

The Los Angeles Conservancy is a nonprofit membership organization that works through education and advocacy to recognize, preserve, and revitalize the historic architectural and cultural resources of Los Angeles County. What began as a volunteer group in 1978 now has more than 6,500 members, making the Conservancy the largest local organization of its kind in the United States.

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SOURCE Aimco