-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VKoepPd29y1gLB6mgXeIcY6VrZ5Qwrl3nMT5WCW/qCg1wKIl0UR8vfjMfbs2EGD5 tN/JG7CuXTLMv2Kn3QU1oA== 0001035704-07-000141.txt : 20070409 0001035704-07-000141.hdr.sgml : 20070409 20070214162915 ACCESSION NUMBER: 0001035704-07-000141 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIMCO PROPERTIES LP CENTRAL INDEX KEY: 0000926660 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 841275621 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 4582 S ULSTER ST PARKWAY STREET 2: SUITE 1100 CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 4582 S ULSTER ST PARKWAY STREET 2: SUITE 1100 CITY: DENVER STATE: CO ZIP: 80237 CORRESP 1 filename1.htm corresp
 

AIMCO PROPERTIES, L.P.
4582 South Ulster Street Parkway, Suite 1100
Denver, CO 80230
February 14, 2007
United States Securities and Exchange Commission
Division of Corporation Finance
Mail Stop 4561
450 Fifth Street, NW
Washington, D.C. 20549
     
Attn:
  Linda van Doorn
 
  Joseph Ucuzoglu
 
  Karen Garnett
     
Re:
  AIMCO Properties, L.P.
 
  File No. 000-24497
 
  Form 10-K for the year ended December 31, 2005
Ladies & Gentlemen:
     We have calculated a range of valuations for the Class IX High Performance Unit (“HPU”) program using a valuation methodology described by the staff that is referenced to the common stock of Apartment Investment and Management Company (“Aimco”) (the “Alternative Methodology”) in addition to the valuation methodology used by the Board of Directors of Aimco and Lehman Brothers (the “Lehman Methodology”).
     As you recall, the valuation of the HPU program using the Lehman Methodology produced a range of $550,000 to $1,320,000. Within that range, Aimco determined that the fair value of the HPU program was $875,000. Using the Alternative Methodology described by the Staff and based on the assumptions noted below, the valuation for the Class IX HPUs would have ranged from $876,000 (assuming a discount rate of 50% for the three year measurement period and a liquidity discount on any HPUs received at the conclusion of the measurement period of
50%1) to $1,761,000 (assuming a discount rate of 36% for the three year measurement period and a liquidity discount on any HPUs received at the conclusion of the measurement period of 25%).
 
1   The liquidity discount reflects the fact that the HPUs are not transferable (except to family members or in the event of death) and are not convertible into the common stock unless there is a change of control.

 

 

United States Securities and Exchange Commission
February 14, 2007
Page 2 of 2
     We hereby represent that the difference between the application of the Alternative Methodology and the Lehman Methodology described above would not have had a material impact on Aimco or AIMCO Properties L.P.
     If you have further questions regarding the information provided, please contact me or Amy Bowerman Freed at (212) 918-8270.
         
  Sincerely,
 		  
  /s/ Thomas M. Herzog    
  Thomas M. Herzog   
  Executive Vice President and Chief Financial Officer of AIMCO-GP, Inc., the general partner of AIMCO Properties, L.P.   
 
     
Cc:
  Amy Bowerman Freed
 
  Miles Cortez

 

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