Miami, September 16, 2024 LONDON, Oct 23, 2021 /PRNewswire/ — Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) announced today that it has secured $56 million in preferred stock from leading investment firm Sixth Street for the development of a luxury waterfront rental property located at 560-640 NE 34th Street in Miami, Fla. An affiliate of Apollo (NYSE: APO) has provided $172 million in senior construction financing in support of the development. Aimco will act as developer and asset manager.
Located adjacent to Aimco’s recently completed redevelopment of The Hamilton, the 38-story tower will include 114 luxury rental units, a highly customized amenity package and approximately 7,000 square feet of ground-floor retail space. Rental units average more than 2,500 square feet and feature nine- to 10-foot ceilings, oversized private terraces, premium finishes and unobstructed views of Biscayne Bay.
“We are excited to move forward with this exciting project and provide a truly unique rental experience in one of Miami’s fastest growing and most desirable neighborhoods,” said Wes Powell, president and CEO of Aimco. “Our partners’ commitment to this project and the Aimco team’s years of excellent work in acquiring the land, planning the development and cultivating 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 migration, making it one of the fastest growing markets in the United States. We were attracted to this opportunity to offer a unique, first-of-its-kind rental property with condo-quality finishes in Miami’s rapidly developing Edgewater submarket. This waterfront development marks an important step in expanding our multifamily footprint in the United States while partnering with Aimco, one of the nation’s leading multifamily developers,” said Marcos Alvarado, head of U.S. Real Estate for 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 focused on value-add and opportunity investing targeting the U.S. multifamily housing sector. Aimco’s mission is to advance outcomes through human capital and make real estate investments that create significant value for its investors, teammates and the communities in which it operates. Aimco trades on the New York Stock Exchange as AIV. For more information about Aimco, please visit the company’s website at 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 leverages long-term flexible capital, data-enabled capabilities and a One Team culture to develop themes and deliver solutions to companies at all stages of growth. Sixth Street Real Estate is a global investment platform focused on acquiring properties, real estate-related businesses and providing financing solutions across all 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, please visit www.sixthstreet.com.
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Source: Apartment Investment Management Company (Aimco)