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Aimco Jettisons Two Miami Apartment Investments for $204M
Apartment Investment and Management Company (“Aimco”) has agreed to sell its interest in two real estate investments in the Edgewater neighborhood of Miami for $204 million. The two investments include the recently completed redevelopment of a 276-unit waterfront apartment building, known as The Hamilton, and Aimco’s partnership interest in a 2.8-acre development site at 3333 Biscayne Boulevard.
The Hamilton, where Aimco completed the major redevelopment and lease-up during the fall of 2023, is under contract for $190 million. AIMCO acquired the 28-story Hamilton in 2020 for $80.96 million. Units in The Hamilton range from 991 to 4,944 square feet, and they’re listed from $3,834 to $16,017.
At 3333 Biscayne Boulevard, Aimco’s joint venture partner has agreed to purchase Aimco’s interest, at a gross valuation of $66.5 million or $13.8 million at Aimco’s share of the venture.
- ◦Sale/Acquisition
