Wes Powell

Aimco, the Denver-based apartment investor and developer, grabbed headlines recently with a variety of bold moves in South Florida.

In one noteworthy disposition, the real estate investment trust sold The Hamilton in Miami’s Edgewater district for $190 million in December 2024. This year, as Aimco disclosed in a public filing, it’s under contract to sell its 4.25-are property in Miami’s Brickell district. The buildings at 1001 and 1111 Brickell Bay Drive include a 32-story office tower and the 31-story Yacht Club Apartments. That deal is expected to fetch $520 million.

But don’t take the dispositions to mean that Aimco’s Wes Powell has soured on South Florida — Aimco isn’t going anywhere. The company began construction in 2024 on a luxury residential tower at 640 Northeast 34th Street in Edgewater — a site literally right next door to The Hamilton property it just sold.

“While we have made news with recently announced sales, we are actively reinvesting in South Florida,” Powell said by email. “Our waterfront tower in Edgewater is now coming out of the ground, and we are advancing plans for two large-scale projects in Fort Lauderdale, which together could bring nearly 2,000 units to that market over the coming years.”

In one high-profile project, Aimco acquired the former Sears site at the corner of Sunrise Boulevard and Federal Highway. Plans for that site include three residential towers and a hotel.

“We remain very bullish on South Florida’s long-term prospects,” Powell said. “The combination of its beautiful natural environment, pro-growth policies and broadening regional economy have been steady demand drivers and make it an obvious place for Aimco to allocate capital and resources.”