Aimco, the Apartment Investment and Management Company, has recently announced the sale of its stake in two real estate ventures located in Miami’s Edgewater neighborhood. The total value of these investments is $204 million.
One of these investments is a 276-unit waterfront apartment building called The Hamilton. Aimco completed a major redevelopment and lease-up project for this property in fall 2023. It has now been sold for $190 million, which is significantly higher than the price at which Aimco acquired it back in 2020 ($80.96 million). The units at The Hamilton range from 991 to 4,944 square feet and are currently listed between $3,834 to $16,017.
The other investment being sold by Aimco is their partnership interest in a development site at 3333 Biscayne Boulevard spanning over an area of2.8 acres.Their joint venture partner has agreed to purchase Aimco’s share for$13.8 million (at their gross valuationof$66.5million).
This strategic move by Aimcoshows their commitment towards optimizing their portfolioand focusing on more profitable opportunitiesin other areas.This sale will also provide them with significant capital that can be used towards future investments or expanding existing ones.
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