DENVER, Dec. 19,
2024 /PRNewswire/ -- Apartment Investment and
Management Company ("Aimco") (NYSE: AIV) announced today that it
has successfully closed on the sale of its interest in two
investments in the Edgewater
neighborhood of Miami, Florida.
Aimco's investment in the development site at 3333 Biscayne
Boulevard and The Hamiton were sold during the fourth quarter of
2024 for a gross price of $204
million. At the time of closing Aimco retired $110 million of debt, previously carrying a
weighted average rate of 8.6%, and received net proceeds of
approximately $90 million.
Aimco previously stated that it planned to return the net
proceeds from these sales to shareholders during the first quarter
of 2025. As such, on December 19,
2024, Aimco's Board of Directors declared a special cash
dividend in the amount of $0.60 per
share to be paid on January 31, 2025,
to holders of record as of January 14,
2025.
"These sales represent an important milestone for Aimco and our
shareholders," said Wes Powell, Aimco's President and CEO.
"Following our initial investment in Miami's Edgewater neighborhood in 2020, the Aimco team
created value through the transformative redevelopment of The
Hamilton and the assemblage,
planning and entitlement of 3333 Biscayne Boulevard. I wish
the owners of these properties great success and welcome the
opportunity to return capital to Aimco shareholders."
About Aimco
Aimco is a diversified real estate company
primarily focused on value add and opportunistic investments,
targeting the U.S. 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 we operate. Aimco is traded
on the New York Stock Exchange as AIV. For more information about
Aimco, please visit its website www.aimco.com.
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SOURCE Apartment Investment and Management Company (Aimco)
