Aimco Wants to Sell Waterfront Brickell Towers
By Julia Echikson November 14, 2023 7:38 pm
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Aimco is looking to sell two coveted waterfront towers in Miami’s Brickell neighborhood, the apartment giant announced.
The Denver-based real estate investment trust company owns a 32-story office building at 1001 Brickell Bay Drive, as well as the neighboring, 31-story apartment high-rise called the Yacht Club.
“Consistent with our capital allocation strategy, at times we may choose to monetize certain pipeline assets prior to vertical construction in order to maximize value and risk-adjusted returns,” wrote President and CEO Wes Powell in the company’s third-quarter filing. “As such, we are preparing to market for sale our Brickell Assemblage located in Miami.”
The company expects the sale to close by the end of 2024, the executive added. He did not mention a sale price. A representative for the company did not immediately respond to a request for comment.
The two properties sit on 4.25 acres facing Biscayne Bay. Aimco acquired a 95 percent stake in the 517,450-square-foot office skyscraper for $157 million in 2019, according to the South Florida Business Journal. It has owned the 634,081-square-foot Yacht Club for over 15 years.
Properties in the surrounding area have fetched top dollar in recent years.
A block south, Ken Griffin‘s Citadel bought a vacant 2.5-acre site for a record $363 million, as well as a 26-story office building at 1221 Brickell Avenue for $286.5 million, which became Miami’s biggest office sale last year.
Just last month, Monarch Alternative Capital and Tourmaline Capital Partners paid $250 million for 801 Brickell, a 28-story office building. The deal is South Florida’s most expensive office sale so far this year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
