Apartment REIT Aimco Announces They Are Exploring a Sale; Provides Update on $520M Miami Property Sale

- Aimco is selling two properties at 1001 and 1111 Brickell Bay Drive in Miami for $520M.

- The buyer completed due diligence and made a $38M non-refundable deposit.

- Proceeds will be used to repay debt and return capital to shareholders via a special dividend.

- Aimco’s portfolio includes 5,200 apartment units and 7.7M SF of development potential.

- The sale aligns with Aimco’s strategy to simplify holdings and unlock shareholder value.

- Morgan Stanley is advising on additional strategic alternatives, including a potential company sale

Source: Aimco Press Release on 1/9/25