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Opinion Letter

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Title:

Opinion Letter

Entities:

Aimco Properties, LP; Apartment Investment & Management Co.; Piper Marbury Rudick & Wolfe LLP

Date:

2001

Size:

Preview shows 2KB of 11KB total

Price:

$41

ID:

#265512

► Legal ► Opinion Letters ► Opinion Letters Re: Registration Statements
► Real Estate ► Real Estate Investment Trusts
► Real Estate ► Apartment Building Operators

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                [LETTERHEAD OF PIPER MARBURY RUDICK & WOLFE LLP]



                                                                     EXHIBIT 5.1



                                November 9, 2001







APARTMENT INVESTMENT AND MANAGEMENT COMPANY

Colorado Center, Tower Two

2000 South Colorado Boulevard, Suite 2-1000

Denver, Colorado  80222



Ladies and Gentlemen:



         We serve as special Maryland counsel to Apartment Investment and

Management Company, a Maryland corporation (the "Company"), in connection with

the registration under the Securities Act of 1933, as amended (the "Act"), on a

Registration Statement of the Company on Form S-3 (the "Registration Statement")

filed with the Securities and Exchange Commission (the "Commission") on or about

November 9, 2001, of 715,781 shares (the "Shares") of Class A Common Stock, par

value $.01 per share, of the Company (the "Common Stock"). This opinion is being

provided at your request in connection with the filing of the Registration

Statement.



         The Shares (the actual number of which is as adjusted from time to time

pursuant to certain antidilution and market formula provisions) may be issued by

the Company from time to time as follows:



                  (i) up to 634,119 Shares (rounded) in exchange for up

         to 634,118.99 common limited partnership units (the "Common OP

         Units") of AIMCO Properties, L.P., a Delaware limited partnership (the

         "Operating Partnership"), tendered for exchange and subsequently

         offered for sale from time to time by certain stockholders,



                  (ii) up to 37,186 Shares (rounded) in exchange for up

         to 29,752 class seven partnership preferred units (the "Class Seven

         Preferred OP Units") of the Operating Partnership tendered for exchange

         and subsequently offered for sale from time to time by certain

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