Aimco has struck a deal to sell its equity in two real estate properties in Miami, Florida for $204 million.
One of them is for The Hamilton, a 276-unit apartment building. The other is for a development at 3333 Biscayne Boulevard, which sits on 2.8 acres. For the latter sale, the real estate firm said its unnamed joint venture partner purchased its stake for $13.8 million, with the gross valuation sitting at $66.5 million. Aimco did not disclose the buyer for The Hamilton or if there were any others in the deal.
With both properties located in the Edgewater neighborhood, Aimco said it plans to retire roughly $110 million in associated liabilities, holding an average rate of 8.6 percent. Also, the company anticipates returning $90 million to shareholders in the first three months of next year.
Both deals are expected to be finalized by the end of 2024.
“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, said in a statement.
In addition, Aimco is working on selling its Brickell Assemblage portfolio in Miami, which consists of 1001 and 1111 Brickell Bay Drive. Aimco cautioned that the deal is not yet closed and will not provide any more information until the transaction enters a definitive agreement.
Also, in September, the Miami-based firm announced it was granted $56 million in capital to support a luxury waterfront residential development.
Right now, Florida is seeing some positive multifamily activity. Demand in The Sunshine State has improved by nearly 700 percent over the past year for apartments, according to a RealPage analysis.
Along with the Southeast and Miami, Aimco manages assets in the Central, West, and Northeast regions in the US.
