DENVER, Dec. 19, 2024 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it has successfully closed on the sale of its interest in two investments in the Edgewater neighborhood of Miami, Florida. Aimco's investment in the development site at 3333 Biscayne Boulevard and The Hamiton were sold during the fourth quarter of 2024 for a gross price of $204 million. At the time of closing Aimco retired $110 million of debt, previously carrying a weighted average rate of 8.6%, and received net proceeds of approximately $90 million.
Aimco previously stated that it planned to return the net proceeds from these sales to shareholders during the first quarter of 2025. As such, on December 19, 2024, Aimco's Board of Directors declared a special cash dividend in the amount of $0.60 per share to be paid on January 31, 2025, to holders of record as of January 14, 2025.
"These sales represent an important milestone for Aimco and our shareholders," said Wes Powell, Aimco's President and CEO. "Following our initial investment in Miami's Edgewater neighborhood in 2020, the Aimco team created value through the transformative redevelopment of The Hamilton and the assemblage, planning and entitlement of 3333 Biscayne Boulevard. I wish the owners of these properties great success and welcome the opportunity to return capital to Aimco shareholders."
About Aimco
Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. 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 we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.
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SOURCE Apartment Investment and Management Company (Aimco)
