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.
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SOURCE Apartment Investment and Management Company (Aimco)