Apartment Investment Selling Interests in Two Investments in Miami Neighborhood

Dow Jones10-10

By Stephen Nakrosis

Apartment Investment and Management said it agreed to sell its interests in two real estate investments in Miami's Edgewater neighborhood.

The investments include a recent redevelopment at the 276-unit Hamilton, a waterfront apartment building. Apartment Investment said it completed the major redevelopment and lease-up of the facility during the fall of 2023. It is now under contract for $190 million, with the buyer's deposit non-refundable.

Also, the company will sell its partnership interest in a 2.8-acre development site to its joint venture partner for $13.8 million, giving the project a gross valuation of $66.5 million, it said.

The company also continues to advance the sales process related to its Brickell Assemblage in Miami, it said.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 09, 2024 16:40 ET (20:40 GMT)

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