NEW YORK - Residents of 27,000 apartments in Aimco housing complexes in 11 states will be able to subscribe to Verizon's advanced FiOS services by year-end, as the company completes the buildout of its all-fiber-optic network in the complexes.
The project, which began last year under an agreement between Verizon and Aimco, will make FiOS ultra-high-sped broadband services available to all the apartments. Residents of apartments situated in areas where Verizon has obtained video franchises will be able to subscribe to Verizon's feature-rich, all-digital FiOS TV service as well. The company has been deploying its FiOS services as the buildout progressed.
The 27,000 apartments are in 100 Aimco properties situated in California, Florida, Indiana, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Texas and Virginia. Aimco (Apartment Investment and Management Co.), based in Denver, is one of the nation's largest owners and operators of apartment communities, with a total of 1,067 properties across 46 states, the District of Columbia and Puerto Rico.
"We're excited that Aimco has given us access to upgrade their properties that are eligible for FiOS and provide the best entertainment choice to their residents," said Eric Cevis, vice president of Verizon Enhanced Communities, Verizon's business organization that markets and sells communications services to single- and multiple-home properties.
Don Baumann, Aimco senior vice president of income development, said: "We feel that our partnership with Verizon to bring FiOS services to these communities will allow us to offer our residents the latest technology that is available today - fiber-optics straight to their home. With demand increasing daily for broadband capacity to drive newer technologies such as online gaming, online videos and more, FiOS provides us with a technology that we feel will help differentiate our communities from others and give us a firm technology platform for the future - and most importantly, offer a desired amenity to our residents."
The plans for FiOS at Aimco's communities reflect the competitive advantage Verizon's fiber-to-the-premises (FTTP) network offers companies in marketing their properties.
Verizon's FiOS TV service features a broad collection of all-digital programming, with more than 500 total channels, including up to 100 high-definition channels in markets such as the New York City metro area. FiOS TV also delivers 11,000 video-on-demand (VOD) titles per month, 70 percent of which are free. In addition, the VOD library includes more than 1,000 HD VOD titles each month.
Verizon FiOS Internet service can deliver Internet access with maximum downstream connection speeds of up to 50 Mbps (megabits per second) on the nation's most advanced digital, all-fiber-optic network. At 50 Mbps, downloading a 1.2 GB (gigabyte), or 90-minute, standard-definition movie takes approximately 3.2 minutes. Upload speeds of up to 20 Mbps make it a snap to share purchased videos and files over Verizon's large-scale fiber-optic network that extends all the way to customers' homes or small and medium-sized businesses.
Verizon's FiOS Internet service was named the top pick this year in PC Magazine's readers' survey and also was named a winner in PC World Magazine's annual list of 100 Best Products. It was the second year in a row the broadband service was named to both lists.
Verizon is the only major telecom company whose network has earned the certification of the independent Fiber to the Home Council for providing fiber all the way to customers' homes.
Since the end of 2005, Verizon has aggressively pursued agreements with multifamily owners to bring FiOS to their communities. To date, Verizon FiOS is available to residents in more than 870,000 apartments across 16 states and the District of Columbia.
For more information about the products and services available through Verizon Enhanced Communities, visit www.verizon.com/communities.
Aimco's properties are located in 46 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit www.aimco.com.