Oct. 9 at 8:21 PM
$AIV Aimco to sell its interests in two investments in Miami for
$204M
Aimco is under agreement to sell, for
$204M, its interests in two real estate investments in the Edgewater neighborhood of Miami, Florida. The two investments include the recently completed redevelopment of a 276-unit waterfront apartment building, and Aimco's partnership interest in a 2.8-acre development site at 3333 Biscayne Boulevard. The Hamilton is under contract for
$190M and the buyer's deposit is non-refundable. At 3333 Biscayne Boulevard, Aimco's joint venture partner has agreed to purchase Aimco's interest, at a gross valuation of
$66.5M or
$13.8M at Aimco's share of the venture.
The all-cash transactions are expected to close by year-end 2024. Upon closing, Aimco plans to retire approximately
$110M of associated liabilities, currently carrying an average rate of 8.6%, and expects to return approximately
$90M of capital to stockholders during Q1 2025. Additionally, Aimco continues to advance the sales process related to its Brickell Assemblage, which includes 1001 and 1111 Brickell Bay Drive in Miami, Florida.
