Aimco Partners with Sixth Street to Advance Its Next Luxury Rental Development
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)