{"id":872095,"date":"2025-08-06T18:53:31","date_gmt":"2025-08-06T22:53:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/"},"modified":"2025-08-06T18:53:31","modified_gmt":"2025-08-06T22:53:31","slug":"aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/","title":{"rendered":"Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">DENVER<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Aug. 6, 2025<\/span><\/span> \/PRNewswire\/ &#8212; Apartment Investment and Management Company (&#8220;Aimco&#8221;) has entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban <span class=\"xn-location\">Boston<\/span> for <span class=\"xn-money\">$740 million<\/span> to an affiliate of Harbor Group International, LLC. The buyer has completed due diligence and made a <span class=\"xn-money\">$20 million<\/span> non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/2401790\/Aimco_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/2401790\/Aimco_Logo.jpg\" title=\"Aimco (PRNewsfoto\/Apartment Investment and Management Company (Aimco))\" alt=\"Aimco (PRNewsfoto\/Apartment Investment and Management Company (Aimco))\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Aimco President and CEO <span class=\"xn-person\">Wes Powell<\/span> commented: &#8220;The agreement to sell our suburban <span class=\"xn-location\">Boston<\/span> portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders.&#8221;<\/p>\n<p>In addition, Aimco remains under contract to sell its Brickell Assemblage, which includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building located in <span class=\"xn-location\">Miami, FL<\/span>, for <span class=\"xn-money\">$520 million<\/span>. During July, the buyer exercised its final closing extension option and increased its non-refundable deposit by <span class=\"xn-money\">$7 million<\/span>, bringing the total non-refundable deposit to <span class=\"xn-money\">$50 million<\/span>. Closing is now scheduled for the fourth quarter of 2025.<\/p>\n<p>Gross proceeds from the <span class=\"xn-location\">Boston<\/span> and Brickell transactions are expected to equal <span class=\"xn-money\">$1.26 billion<\/span>. Net proceeds, when accounting for associated property-level debt and the deferred tax liability related to the Brickell assets, are expected to be approximately <span class=\"xn-money\">$785 million<\/span>, or <span class=\"xn-money\">$5.21<\/span> per common share.<\/p>\n<p>Aimco&#8217;s remaining portfolio will include 18 apartment communities, containing 3,457 units, with concentrations in suburban <span class=\"xn-location\">Chicago<\/span> and the <span class=\"xn-location\">Washington, D.C.<\/span> Metro Area. These assets are expected to produce approximately <span class=\"xn-money\">$90 million<\/span> of annual property net operating income (NOI) when three properties, currently in lease-up, are fully stabilized at year-end 2026. The retained portfolio commands average monthly rents of <span class=\"xn-money\">$2,574<\/span>, <span class=\"xn-money\">$465<\/span> greater than the average of the <span class=\"xn-location\">Boston<\/span> portfolio being sold, with an average age 17 years newer than that of the <span class=\"xn-location\">Boston<\/span> portfolio.<\/p>\n<p>In addition, Aimco&#8217;s active development business includes a waterfront residential tower in <span class=\"xn-location\">Miami, FL<\/span> which is currently under construction, and on schedule for delivery in 2027, along with a controlled development pipeline containing the potential for more than 3,700 new apartment homes.<\/p>\n<p>Following the closings of the Brickell and <span class=\"xn-location\">Boston<\/span> portfolio transactions, Aimco plans to distribute the majority of net proceeds to shareholders, consistent with our previously communicated capital allocation strategy.<\/p>\n<p>Finally, with the support of Morgan Stanley &amp; Co. LLC serving as the Company&#8217;s financial advisor, Aimco remains focused on further maximizing and unlocking shareholder value through additional strategic transactions, which may include the sale of additional components of the portfolio, individual asset sales, or a sale or merger of the Company as a whole.<\/p>\n<p>There can be no assurance that the continued efforts will result in any transaction or transactions or other strategic changes or outcomes, and the timing or outcome of any such event is similarly uncertain. Aimco does not intend to disclose or comment on developments related to the foregoing unless or until it determines that further disclosure is appropriate or required.<\/p>\n<p>\n        <b>Cautionary Statement Regarding Forward-Looking Statements<\/b>\n      <\/p>\n<p>This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as &#8220;anticipate(s),&#8221; &#8220;expect(s),&#8221; &#8220;intend(s),&#8221; &#8220;plan(s),&#8221; &#8220;believe(s),&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;seek(s),&#8221; &#8220;forecast(s),&#8221; and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements, including those regarding the timing of asset sales and the timing and amount of capital expected to be returned to stockholders, are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, and assumptions that may affect actual results or outcomes, including changes in market conditions, fluctuations in our stock price, our financial performance, regulatory changes, and general economic conditions. Readers should carefully review Aimco&#8217;s financial statements and the notes thereto, as well as the section entitled &#8220;Risk Factors&#8221; in Item 1A of Aimco&#8217;s Annual Report on Form 10-K for the year ended <span class=\"xn-chron\">December 31, 2024<\/span>, as these filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements reflect management&#8217;s judgment as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.<\/p>\n<p>\n        <b>About Aimco<\/b>\n      <\/p>\n<p>Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco&#8217;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 we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4483327-1&amp;h=3503520922&amp;u=http%3A%2F%2Fwww.aimco.com%2F&amp;a=www.aimco.com\" target=\"_blank\" rel=\"nofollow\">www.aimco.com<\/a>.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA46014&amp;sd=2025-08-06\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million-302523644.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million-302523644.html<\/a><\/p>\n<p>SOURCE  Apartment Investment and Management Company (Aimco)<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA46014&amp;Transmission_Id=202508061624PR_NEWS_USPR_____LA46014&amp;DateId=20250806\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire DENVER , Aug. 6, 2025 \/PRNewswire\/ &#8212; Apartment Investment and Management Company (&#8220;Aimco&#8221;) has entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740 million to an affiliate of Harbor Group International, LLC. The buyer has completed due diligence and made a $20 million non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter. Aimco President and CEO Wes Powell commented: &#8220;The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders.&#8221; In &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-872095","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire DENVER , Aug. 6, 2025 \/PRNewswire\/ &#8212; Apartment Investment and Management Company (&#8220;Aimco&#8221;) has entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740 million to an affiliate of Harbor Group International, LLC. The buyer has completed due diligence and made a $20 million non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter. Aimco President and CEO Wes Powell commented: &#8220;The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders.&#8221; In &hellip; Continue reading &quot;Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-06T22:53:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/2401790\/Aimco_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million\",\"datePublished\":\"2025-08-06T22:53:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\\\/\"},\"wordCount\":839,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/2401790\\\/Aimco_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\\\/\",\"name\":\"Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million - 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The buyer has completed due diligence and made a $20 million non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter. Aimco President and CEO Wes Powell commented: &#8220;The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders.&#8221; In &hellip; Continue reading \"Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/","og_site_name":"Market Newsdesk","article_published_time":"2025-08-06T22:53:31+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/2401790\/Aimco_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million","datePublished":"2025-08-06T22:53:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/"},"wordCount":839,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/2401790\/Aimco_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/aimco-enters-agreement-to-sell-suburban-boston-apartment-portfolio-for-740-million-remains-under-contract-to-sell-brickell-assemblage-in-miami-for-520-million\/","name":"Aimco Enters Agreement to Sell Suburban Boston Apartment Portfolio for $740 Million, Remains Under Contract to Sell Brickell Assemblage in Miami for $520 Million - 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