Aimco Sells Brickell Bay Properties for $520M in Largest Miami Land Deal

In a landmark deal set to reshape Miami’s skyline, a prime waterfront site in the city’s bustling financial district is poised to change hands for $520 million, according to a recent regulatory filing. This transaction, slated to be the largest land deal in Miami’s history, involves the sale of 1001 Brickell Bay Drive and 1111 Brickell Bay Drive by Apartment Investment & Management Co. (Aimco) to an entity managed by Erik Rutter and David Weitz, founders of Oak Row Equities.

The 4.25-acre property, featuring 485 feet of continuous water frontage facing Biscayne Bay, is situated in the heart of Brickell, a neighborhood that has experienced significant growth in recent years. The area has become increasingly attractive to financial companies and new residents, contributing to its booming real estate market.