Apartment Investment and Management Co. purchased The Palazzo at Park La Brea, a newly constructed 521-unit luxury apartment property located in Los Angeles’ Mid-Wilshire District.

AIMCO purchased the property for $162.9 million.

The Palazzo was 63 percent occupied at the time of sale.

Denver, Colo.-based AIMCO is a real estate investment trust that owns and operates a geographically diversified portfolio of apartment communities.

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