Apartment Investment & Management to Sell Two Miami Properties, Plans to Return $90 Million to Investors

MT Newswires Live10-10

Apartment Investment & Management (AIV) agreed to sell its interests in two real estate investments in the Edgewater neighborhood of Miami for $203.8 million.

The recently completed redevelopment of a 276-unit waterfront apartment building known as The Hamilton is under contract for $190 million to an undisclosed buyer, Aimco said Wednesday in a statement.

The interest in a 2.8-acre development site at 3333 Biscayne Boulevard was sold to the joint venture partner for $13.8 million, Aimco said.

Upon closing expected by year-end, the company plans to retire $110 million of its associated liabilities, currently carrying an average rate of 8.6%, and return $90 million of capital to stockholders in Q1.

Additionally, the company said it continues to advance the sales process related to Brickell Assemblage, which includes 1001 and 1111 Brickell Bay Drive in Miami.

Price: 8.55, Change: +0.05, Percent Change: +0.59

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