Aimco is selling the Hamilton apartment tower in Edgewater and a nearby development site for a combined $204 million.
The pending deals come as the real estate investment trust has been putting some of its prime South Florida holdings on the market this year.
Denver-based Aimco is under contract to sell the Hamilton tower for $190 million to an undisclosed buyer, and it also is selling the 2.8-acre site at 3333 Biscayne Boulevard for $13.8 million to its joint venture partner in the property, according to an Aimco news release. The all-cash deals are expected to close by year-end.
In the second quarter, Aimco listed the 28-story, 276-unit Hamilton at 555 Northeast 34th Street in Miami, the firm announced in its Securities and Exchange Commission filings. It did not disclose an asking price at the time.
The listing came after Aimco completed a major renovation of the tower and fully leased it last year. The REIT had bought the Hamilton, which was originally developed in 1984 by late Carnival Cruise Line founder Ted Arison, in 2020 for $89.6 million. The deal included adjacent lots.
The pending Hamilton sale will break down to $688,406 per apartment.
Aimco hadn’t officially announced the listing of 3333 Biscayne Boulevard. Aimco had a minority stake in the property.
In 2022, Aimco partnered with Brooklyn-based Beitel Group to build a three-tower mixed-use project on the full city block at 3333 Biscayne Boulevard in Miami. The site spans 12 lots.
It’s planned for 1.8 million square feet with 650 multifamily units and 176,000 square feet of commercial real estate, according to Aimco’s presentation to investors filed last month. Construction is expected to start in 2026.
Once the sales close, Aimco will retire about $110 million in liabilities with an average rate of 8.6 percent and return about $90 million of capital to stockholders during the first quarter of next year, the release says.
Led by CEO Wes Powell, Aimco also is looking to sell its Brickell holdings. In March, it listed the 4.3-acre assemblage consisting of the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive, and the adjacent 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive in Miami for a combined $650 million. The property can be redeveloped with more than 3.1 million square feet across several supertalls with condos, hotel keys, offices, retail or a combination of these.
If a deal closes at this price, it would mark a record of $151.2 million per acre.
Aimco “continues to advance the sale process” of the Brickell assemblage, the firm said in the release, declining to provide additional information.
