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Aimco Agrees to Sell its Interests in Two Investments in the Edgewater Neighborhood of Miami

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Apartment Investment and Management Company (Aimco) (NYSE: AIV) has announced agreements to sell its interests in two real estate investments in Miami's Edgewater neighborhood for $204 million. The transactions include:

  • The Hamilton, a 276-unit waterfront apartment building, for $190 million
  • Aimco's partnership interest in a 2.8-acre development site at 3333 Biscayne Boulevard for $13.8 million

The all-cash deals are expected to close by year-end 2024. Aimco plans to retire approximately $110 million of associated liabilities and return about $90 million of capital to stockholders in Q1 2025. Additionally, Aimco is advancing the sales process for its Brickell Assemblage in Miami. CEO Wes Powell stated that the pending sale will crystalize value created during Aimco's ownership and align with their capital allocation plans.

La Apartment Investment and Management Company (Aimco) (NYSE: AIV) ha annunciato accordi per vendere i suoi interessi in due investimenti immobiliari nel quartiere Edgewater di Miami per 204 milioni di dollari. Le transazioni includono:

  • The Hamilton, un edificio residenziale waterfront con 276 unità, per 190 milioni di dollari
  • Il partenariato di Aimco in un sito di sviluppo di 2,8 acri al 3333 Biscayne Boulevard per 13,8 milioni di dollari

Le transazioni in contanti dovrebbero concludersi entro la fine del 2024. Aimco prevede di estinguere circa 110 milioni di dollari di passività associate e restituire circa 90 milioni di dollari di capitale agli azionisti nel primo trimestre del 2025. Inoltre, Aimco sta avanzando il processo di vendita del suo Brickell Assemblage a Miami. Il CEO Wes Powell ha dichiarato che la vendita in sospeso cristallizzerà il valore creato durante la proprietà di Aimco e sarà in linea con i loro piani di allocazione del capitale.

La Apartment Investment and Management Company (Aimco) (NYSE: AIV) ha anunciado acuerdos para vender sus intereses en dos inversiones inmobiliarias en el vecindario Edgewater de Miami por 204 millones de dólares. Las transacciones incluyen:

  • The Hamilton, un edificio de apartamentos frente al agua con 276 unidades, por 190 millones de dólares
  • El interés de Aimco en una parcela de desarrollo de 2.8 acres en 3333 Biscayne Boulevard por 13.8 millones de dólares

Los acuerdos en efectivo se espera que se cierren para finales de 2024. Aimco planea cancelar aproximadamente 110 millones de dólares de pasivos asociados y devolver alrededor de 90 millones de dólares de capital a los accionistas en el primer trimestre de 2025. Además, Aimco está avanzando en el proceso de venta de su Brickell Assemblage en Miami. El CEO Wes Powell declaró que la venta pendiente cristalizará el valor creado durante la propiedad de Aimco y se alinea con sus planes de asignación de capital.

아파트 투자 및 관리 회사(Aimco) (NYSE: AIV)는 마이애미 에지워터 지역에 있는 두 개의 부동산 투자 지분을 2억 4천만 달러에 판매하기 위한 계약을 발표했습니다. 거래 내용은 다음과 같습니다:

  • The Hamilton, 276세대의 해안 아파트 건물, 1억 9천만 달러에 판매
  • 3333 비스케인 불르바드에 위치한 2.8 에이커 개발 부지에 대한 Aimco의 파트너십 지분, 1천 3백 8십만 달러

현금 거래는 2024년 연말까지 마무리될 것으로 예상됩니다. Aimco는 약 1억 1천만 달러의 관련 부채를 상환하고, 2025년 1분기에 주주에게 약 9천만 달러의 자본을 환원할 계획입니다. 추가로, Aimco는 마이애미의 브리켈 어셈블리 판매 절차를 진행하고 있습니다. CEO 웨스 파월은 pending sale이 Aimco의 소유 기간 동안 창출된 가치를 구체화하고 자본 배분 계획과 일치한다고 밝혔습니다.

La Apartment Investment and Management Company (Aimco) (NYSE: AIV) a annoncé des accords pour vendre ses intérêts dans deux investissements immobiliers dans le quartier Edgewater de Miami pour 204 millions de dollars. Les transactions comprennent :

  • The Hamilton, un immeuble résidentiel en bord de mer de 276 unités, pour 190 millions de dollars
  • Le partenariat d'Aimco dans un site de développement de 2,8 acres au 3333 Biscayne Boulevard pour 13,8 millions de dollars

Les transactions entièrement en espèces devraient se conclure d'ici la fin de l'année 2024. Aimco prévoit d'éteindre environ 110 millions de dollars de passifs associés et de restituer environ 90 millions de dollars de capital aux actionnaires au premier trimestre 2025. De plus, Aimco avance dans le processus de vente de son Brickell Assemblage à Miami. Le PDG Wes Powell a déclaré que la vente en cours cristallisera la valeur créée pendant la propriété d'Aimco et sera en accord avec leurs plans d'allocation de capital.

Die Apartment Investment and Management Company (Aimco) (NYSE: AIV) hat Vereinbarungen zur Veräußerung ihrer Anteile an zwei Immobilieninvestitionen im Edgewater-Viertel von Miami für 204 Millionen Dollar bekannt gegeben. Die Transaktionen umfassen:

  • The Hamilton, ein 276-Einheiten-Wasserfront-Apartmentgebäude, für 190 Millionen Dollar
  • Aimcos Partnerschaftsanteil an einem 2,8 Acre großen Entwicklungsstandort in 3333 Biscayne Boulevard für 13,8 Millionen Dollar

Die Barzahlungsdeals sollen bis Ende 2024 abgeschlossen werden. Aimco plant, etwa 110 Millionen Dollar an verbundenen Verbindlichkeiten zurückzuzahlen und etwa 90 Millionen Dollar an Kapital im ersten Quartal 2025 an die Aktionäre zurückzugeben. Zusätzlich treibt Aimco den Verkaufsprozess für seine Brickell Assemblage in Miami voran. CEO Wes Powell erklärte, dass der ausstehende Verkauf den während Aimcos Eigentum geschaffenen Wert konkretisieren und mit ihren Kapitalallokationsplänen übereinstimmen wird.

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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)

FAQ

What properties is Aimco (AIV) selling in Miami's Edgewater neighborhood?

Aimco (AIV) is selling its interests in two properties in Miami's Edgewater neighborhood: The Hamilton, a 276-unit waterfront apartment building, and its partnership interest in a 2.8-acre development site at 3333 Biscayne Boulevard.

How much is Aimco (AIV) expecting to receive from the Edgewater property sales?

Aimco (AIV) is expecting to receive $204 million from the sale of its interests in the two Edgewater properties, with $190 million for The Hamilton and $13.8 million for its share of the 3333 Biscayne Boulevard site.

When does Aimco (AIV) expect to close the Edgewater property sales?

Aimco (AIV) expects to close the all-cash transactions for the Edgewater properties by year-end 2024.

How much capital does Aimco (AIV) plan to return to stockholders from the Edgewater sales?

Aimco (AIV) plans to return approximately $90 million of capital to stockholders during the first quarter of 2025 from the proceeds of the Edgewater property sales.

What other Miami property is Aimco (AIV) considering selling?

Aimco (AIV) is advancing the sales process for its Brickell Assemblage, which includes properties at 1001 and 1111 Brickell Bay Drive in Miami, Florida.

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