Aimco Selling Miami Rental and Development Site for $204M
By Julia Echikson October 10, 2024 12:43 pm
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Apartment Investment and Management Company (Aimco) is selling The Hamilton apartment tower and a nearby developable parcel in Miami’s Edgewater neighborhood for a combined $204 million.
The Denver-based investor has put the waterfront building under contract for $190 million. Aimco announced the deal but did not name a buyer. The 28-story Hamilton houses 276 rooms across 3.8 acres at 555 Northeast 34th Street.
Four years ago, Aimco paid $81 million for the 615,785-square-foot complex, property records show. After the acquisition, it controversially evicted the residents and proceeded to renovate the building, which was completed in 1981.
In the second transaction, Beitel Group is buying out Aimco’s interest in the 2.8-acre developable site a block west of The Hamilton at 3333 Biscayne Boulevard for $13.8 million. The deal values the land at $66.5 million.
In 2022, New York-based Beitel and Aimco acquired the site for $45 million. Later that year, they filed plans to build three towers, which would house 653 apartments, 156,989 square feet of office space, and 1,210 parking spots, though construction has yet to commence. This year, the joint venture put the site on the market, seeking $75 million, The Real Deal reported.
Both all-cash deals are scheduled to close this year.
Despite the pending sales, Aimco is not leaving Edgewater, a neighborhood that has become a hotbed for luxury rental and condo development. Just south of The Hamilton, Aimco is building a 144-unit luxury rental tower after securing a $172 million in construction financing from Apollo.
Down in Brickell, Aimco is looking to sell the 32-story Brickell Bay Office Tower and the 31-story Yacht Club Apartments.
A representative for Aimco did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
