PR Newswire
DENVER, Oct. 9, 2024
DENVER, Oct. 9, 2024 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it is under agreement to sell, for $204 million, its interests in two real estate investments in the Edgewater neighborhood of Miami, Florida. 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 and the buyer's deposit is non-refundable. 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. The all-cash transactions are expected to close by year-end 2024. Upon closing, Aimco plans to retire approximately $110 million of associated liabilities, currently carrying an average rate of 8.6%, and expects to return approximately $90 million of capital to stockholders during the first quarter of 2025.
Additionally, Aimco continues to advance the sales process related to its Brickell Assemblage, which includes 1001 and 1111 Brickell Bay Drive in Miami, Florida. Aimco does not intend to comment or provide further information until a definitive agreement has been executed and buyer deposits have become nonrefundable.
"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.
About Aimco
Aimco is a diversified real estate company primarily focused on value-add and opportunistic investments, targeting the US multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which it operates. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s), "may," "will," "would," "could," "should," "seek(s)," "forecast(s)," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements, including those regarding the timing of asset sales and the timing and amount of capital expected to be returned to stockholders, are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, and assumptions that may affect actual results or outcomes, including changes in market conditions, fluctuations in our stock price, our financial performance, regulatory changes, and general economic conditions. Readers should carefully review the Company's financial statements and the notes thereto, as well as the section entitled "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as these filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements reflect management's judgment as of this date, and the Company assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
View original content to download multimedia:https://www.prnewswire.com/news-releases/aimco-agrees-to-sell-its-interests-in-two-investments-in-the-edgewater-neighborhood-of-miami-302272063.html
SOURCE Apartment Investment and Management Company (Aimco)
