FREMONT, CA: Apartment Investment and Management Company ("Aimco") (NYSE: AIV) today announced that it has reached an agreement to sell its interests in two real estate ventures in Miami's Edgewater district for $204 million. The two projects are the recently finished redevelopment of a 276-unit beachfront apartment complex known as The Hamilton and Aimco's partnership interest in a 2.8-acre development property at 3333 Biscayne Boulevard.
The Hamilton, where Aimco finished extensive redevelopment and lease-up in the fall of 2023, is under contract for $190 million, with a non-refundable buyer's deposit. Aimco's joint venture partner has agreed to purchase Aimco's investment at 3333 Biscayne Boulevard for a gross valuation of $66.5 million, or $13.8 million, based on Aimco's venture portion. The all-cash transactions are projected to close by the end of 2024. Upon closure, Aimco intends to retire roughly $110 million in associated liabilities, which currently have an average rate of 8.6 percent, and to return approximately $90 million in cash to stockholders during the first quarter of 2025.
Aimco also continues to advance the sales process for its Brickell Assemblage, which includes 1001 and 1111 Brickell Bay Drive in Miami, Florida. Aimco intends to comment or offer information once a definitive agreement is signed and buyer deposits become non-refundable.
"The pending sale of the Edgewater assets will crystalize the value created during Aimco's ownership and, in alignment with our previously stated capital allocation plans, will allow for a meaningful return of capital to Aimco stockholders," said Wes Powell, President and CEO of Aimco.
