DENVER , Oct. 9, 2024 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV) announced today that it is under agreement to sell, for $204 million , its interests in two real estate investments in the Edgewater neighborhood of Miami, Florida . The two investments include the recently completed redevelopment of a 276-unit waterfront apartment building, known as The Hamilton , and Aimco's partnership interest in a 2.
8-acre development site at 3333 Biscayne Boulevard. The Hamilton , where Aimco completed the major redevelopment and lease-up during the fall of 2023, is under contract for $190 million and the buyer's deposit is non-refundable. At 3333 Biscayne Boulevard, Aimco's joint venture partner has agreed to purchase Aimco's interest, at a gross valuation of $66.
5 million or $13.8 million at Aimco's share of the venture. The all-cash transactions are expected to close by year-end 2024.
Upon closing, Aimco plans to retire approximately $110 million of associated liabilities, currently carrying an average rate of 8.6%, and expects to return approximately $90 million of capital to stockholders during the first quarter of 2025. Additionally, Aimco continues to advance the sales process related to its Brickell Assemblage, which includes 1001 and 1111 Brickell Bay Drive in Miami, Florida .
Aimco does not intend to comment or provide further information until a definitive agreement has been executed and buyer deposits have become nonrefundable. "The pendin.