The Left Bank, 3131 Walnut Street, Philadelphia, PA

PHILADELPHIA, PA—Dranoff Properties is exiting its Philadelphia multifamily rental properties, selling them to Denver-based Apartment and Investment Management Company for $445 million in cash and equity. According to local news site Philly.com, the equity will make Dranoff Properties founder and CEO Carl Dranoff the largest non-institutional shareholder in Aimco.