Apartment Investment and Management Company Announces Election of Michael A. Stein to Board of Directors; Resignation of Peter K

Apartment Investment and Management Company Announces Election of
Michael A. Stein to Board of Directors; Resignation of Peter K. Kompaniez From
Board of Directors 


DENVER, Oct. 15  /PRNewswire-FirstCall/ -- Michael A. Stein, chief financial
officer of ICOS Corporation, has been elected to the Board of Directors of
Apartment Investment and Management Company ("Aimco") effective October 15,
2004.  Mr. Stein was previously executive vice president and chief financial
officer of Nordstrom Inc., and held a similar position at Marriott
International Inc.  Prior to joining Marriott in 1989, he spent 18 years at
Arthur Andersen LLP, where he was a partner and served as head of the
Commercial Group within the Washington, D.C.  Financial Consulting and Audit
Division.  Mr. Stein is a certified public accountant.  With the addition of
Mr. Stein to the Aimco Board of Directors, five of Aimco's six directors are
independent.

"We are pleased to welcome Mike Stein to the Board of Directors," said Terry
Considine, Aimco's chairman of the board and chief executive officer. "He
brings strong financial credentials and impressive corporate experience," he
added.

Mr. Stein was elected to fill a vacancy created by the resignation of Peter K.
Kompaniez from the Board.  Mr. Kompaniez will remain with Aimco as its
California division vice president with responsibility for its $2 billion
portfolio of 45 conventional properties with approximately 13,000 apartments.
Mr. Kompaniez will retain the title of vice chairman.  Mr. Kompaniez is one of
the founders of Aimco and has previously served as Aimco's president.  During
his decade on the Board, Aimco grew from a portfolio of 37 owned properties
with approximately 10,000 units to its current size as one of the nation's
largest owners and operators of apartment homes.

"Peter has been my valued partner since the Aimco IPO," said Mr. Considine.  "I
am profoundly grateful for both his friendship and leadership. Peter has been
instrumental in virtually every area of Aimco's success, perhaps most notably
in the contributions he has made in the large acquisitions that built Aimco's
nationwide portfolio.  As a director for ten years, he has served our
shareholders well and we are all in his debt."

"We are fortunate that Peter will remain a prominent leader on the Aimco team
while working closer to his home," said Mr. Considine.  "Peter brings great
experience and knowledge to his new responsibilities in the important
California market."

Aimco is a real estate investment trust headquartered in Denver, Colorado
owning and operating a geographically diversified portfolio of apartment
communities through 21 regional operating centers.  Aimco, through its
subsidiaries, operates approximately 1,600 properties, including approximately
280,000 apartment units, and serves approximately one million residents each
year.  Aimco's properties are located in 47 states, the District of Columbia
and Puerto Rico.  Aimco common shares are included in the S&P 500. 

DATASOURCE: Apartment Investment and Management Company



CONTACT:  Investor Relations, [phone], ,

Jennifer Martin, Vice President - Investor Relations, [phone], both of

Aimco

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