Big apartment investment news from bailed-out insurance company AIG:
“AIG plans to make fresh domestic investments later this year and has already reached out to developers of new apartment buildings in major metro areas.” AIG’s new investments will likely amount to hundreds of millions of dollars a year, though it hasn’t set specific targets yet
Specifically, AIG has expressed interest in a $100 million project in Montclair, N.J. aimed at transforming a former Jaguar dealership into an apartment complex that will include retail and office space, the paper said. AIG, which is still 70%-owned by taxpayers, is also eying property in California and the Southeast U.S
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