Aimco has struck a deal to sell its equity in two real estate properties in Miami, Florida for $204 million.
One of them is for The Hamilton, a 276-unit apartment building. The other is for a development at 3333 Biscayne Boulevard, which sits on 2.8 acres. For the latter sale, the real estate firm said its unnamed joint venture partner purchased its stake for $13.8 million, with the gross valuation sitting at $66.5 million. Aimco did not disclose the buyer for The Hamilton or if there were any others in the deal.
With both properties located in the Edgewater neighborhood, Aimco said it plans to retire roughly $110 million in associated liabilities, holding an average rate of 8.6 percent. Also, the company anticipates returning $90 million to shareholders in the first three months of next year.
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