#USA #Miami #Aimco #Harbor Group #Brickell Assemblage

Aimco Completes Significant Sale in Miami and Enters New Agreements

In a notable move on December 22, 2025, Apartment Investment and Management Company (Aimco) successfully executed the sale of its Brickell Assemblage, which encompasses the Yacht Club Apartments and the adjacent office building at 1001 Brickell Bay Drive in Miami, for an impressive $520 million. This strategic sale is part of Aimco's broader plan to optimize its real estate portfolio and enhance shareholder value through targeted asset sales.

The transaction included $85 million in transferable seller financing notes provided by Aimco to the buyer at closing. These notes come with a two-year term and options for two one-year extensions, featuring an average interest rate of 18% across their duration. After factoring in related debts, deferred taxes, and transaction costs, Aimco saw initial net proceeds of approximately $220 million from this sale, excluding the seller financing notes. Aimco intends to utilize these notes to further capitalize on this sale's success, reinforcing its financial position.

In conjunction with this significant sale, Aimco has also entered into a definitive agreement to sell two additional properties, which collectively consist of 660 apartment homes located in Plantation, Florida, and Nashville, Tennessee, to an affiliate of Harbor Group International, LLC. The buyer has completed all due diligence, submitted a non-refundable deposit of $5 million, and plans to close the acquisition in the first quarter of 2026, dependent on the assumption of existing mortgage loans.

To contextualize Aimco's recent activities, the company has sold approximately $1.26 billion worth of real estate in key markets such as suburban Boston and Miami throughout 2025, and currently has contracts under negotiation to sell an extra $620 million in real estate, including previously announced sales in Chicago and Atlanta.

Aimco's chairman, Dary Stone, emphasized that these transactions reflect the company's unwavering dedication to realizing shareholder value that has been cultivated through prudent investment strategies and active management practices. Furthermore, if the planned closures occur as anticipated, Aimco aims to distribute the majority of the net proceeds to shareholders, in alignment with the company’s “Plan of Sale and Liquidation” which is expected to be put to shareholder vote in early 2026.

Additionally, the company is planning to file a detailed proxy statement with the Securities and Exchange Commission (SEC) concerning its proposed plan of sale and liquidation. This will offer shareholders a comprehensive outline of the transaction's implications and the subsequent steps necessary for implementation. Aimco is urging its investors and shareholders to pre-read the impending Proxy Statement to fully understand the transaction's intricacies and impact on their investments.

Lastly, it’s important for shareholders to note that Aimco’s management will maintain active communication during this process. Any changes in the share ownership of Aimco's directors and executives will be documented and reported accordingly, ensuring transparency.

Aimco's forward-looking strategy, evident in these multi-million-dollar transactions, aims not only to enhance its market presence but also to ensure robust returns for its shareholders while navigating the complexities of the real estate market. It remains to be seen how these initiatives will impact Aimco's future journey, but one thing is clear: the company's commitment to unlocking value and enhancing operational efficiency remains at the forefront of its objectives.