MIAMI, Sept. 16,
2024 /PRNewswire/ -- Apartment Investment and
Management Company ("Aimco") (NYSE: AIV) today announced it has
secured $56 million of preferred
equity from leading investment firm Sixth Street for the
development of a luxury water-front rental development, located at
560-640 NE 34th Street in Miami, Florida. Affiliates of Apollo (NYSE:
APO) provided $172 million of senior
construction financing to support the development. Aimco will serve
as the developer and asset manager.
The 38-story tower, adjacent to Aimco's recently completed
redevelopment of The Hamilton,
will include 114 luxury rental units, a highly tailored amenity
package and ~7k square feet of ground floor retail space. The
rental units will average more than 2,500 square feet, feature 9' –
10' foot ceilings, oversized private terraces, top-of-the-line
finishes, and unobstructed views of Biscayne Bay.
"We are thrilled to advance this exciting project and bring a
truly unique rental experience to one of Miami's fastest growing, and most desirable,
neighborhoods," said Wes Powell,
President and CEO of Aimco. "Our partner's commitment to the
project and the years of good work by the Aimco team in acquiring
the land, planning the development, and navigating the capital
markets will create meaningful value for Aimco shareholders and the
local Miami community for years to
come."
"Miami continues to benefit
from strong macroeconomic tailwinds and ongoing in-migration,
positioning it as one of the fastest-growing markets in the U.S. We
were attracted to this opportunity to deliver a unique,
first-of-its-kind rental offering with condominium-quality finishes
in Miami's rapidly evolving
Edgewater submarket. This
waterfront development represents a significant step in expanding
our multifamily footprint in the U.S., while partnering with Aimco,
one of the nation's premier multifamily developers," said
Marcos Alvarado, Head of US Real
Estate at Sixth Street. "We look forward to working with the Aimco
team to bring this new residential project to life."
About Aimco
Aimco is a diversified real estate company
primarily focused on value-add and opportunistic investments,
targeting the US 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 it operates. Aimco is
traded on the New York Stock Exchange as AIV. For more information
about Aimco, please visit its website www.aimco.com.
About Sixth Street
Sixth Street is a global investment
firm with approximately $75 billion
in assets under management and committed capital. Sixth Street uses
its long-term flexible capital, data-enabled capabilities, and One
Team culture to develop themes and offer solutions to companies
across all stages of growth. Sixth Street Real Estate is a global
investment platform focused on acquiring properties, real
estate-related operating businesses, and providing financing
solutions across the full range of real estate sectors, including
residential, hospitality, office, industrial, data centers, and
retail. The firm has more than 600 team members including more than
200 investment professionals operating around the world. For more
information, visit www.sixthstreet.com.
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SOURCE Apartment Investment and Management Company (Aimco)