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APARTMENT INVESTMENT AND MANAGEMENT COMPANY
SUPPLEMENT, DATED SEPTEMBER 11, 1997, TO
PROSPECTUS SUPPLEMENT, DATED AUGUST 26, 1997
The Prospectus Supplement, dated August 26, 1997 (the "August 26
Supplement"), to the Prospectus, dated May 22, 1997 (collectively, the
"Prospectus"), is hereby supplemented as set forth below. Terms used herein and
not otherwise defined are used with the same meanings as in the Prospectus.
The following paragraphs are added on page S-1 of the August 26 Supplement
under the caption "The Company" (immediately prior to the final paragraph on
page S-1):
In the ordinary course of the Company's business, AIMCO is engaged in
discussions and negotiations with property owners regarding the purchase of
apartment properties or interests in apartment properties. AIMCO or the
Operating Partnership frequently enters into letters of intent, which may be
binding or nonbinding, and contracts with respect to the purchase of real
property which are subject to certain conditions and which permit AIMCO or the
Operating Partnership, as the case may be, to terminate the contract in its sole
and absolute discretion if it is not satisfied with the results of its due
diligence investigation of the properties under contract. AIMCO believes that
such contracts essentially result in the creation of an option on the property
subject to the contract and give AIMCO greater flexibility in seeking to acquire
properties. As of July 31, 1997 AIMCO or the Operating Partnership had under
letter of intent or contract an aggregate of 16 multi-family apartment
properties with a maximum aggregate purchase price of $272 million, which, in
some cases, may be paid in the form of assumption of existing debt. All such
contracts are subject to termination by AIMCO or the Operating Partnership as
described above. Due diligence with respect to these properties is generally not
completed and there is no assurance that any transaction will occur or that they
will occur on the terms currently contemplated. The Company's management cannot
forecast the outcome of the due diligence in process and, therefore, may not
reflect pending acquisitions of properties in its financial statements,
including any pro forma financial statements.
In addition, on August 22, 1997, the Operating Partnership entered into a
Purchase and Sale Agreement and Joint Escrow Instructions with the sellers named
therein to acquire a portfolio of multi-family residential apartment properties
for an aggregate purchase price of $260 million in cash, less the amount of any
debt of the sellers that the Operating Partnership elects to assume. The
obligation of the Operating Partnership to purchase such properties is subject
to a number of conditions and, the Operating Partnership has the right, at any
time on or before October 6, 1997, to terminate the agreement if it determines
in its sole and absolute discretion that all or any portion of the property is
not acceptable to it. The Operating Partnership's due diligence investigation of
the properties is at a very preliminary stage and there is no assurance that any
transaction will occur or that it will be completed on the terms currently
contemplated.
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THE DATE OF THIS SUPPLEMENT IS SEPTEMBER 11, 1997
