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Apartment Investment and Management Company (NYSE:AIV) has announced a significant financial milestone for its latest venture, securing $56 million in preferred equity from Sixth Street, a leading global investment firm. This investment is earmarked for the development of an opulent waterfront rental property situated at 560-640 NE 34th Street in Miami, FloridaAdditionally, Apollo (NYSE:APO) has committed $172 million in senior construction financing to support the project, underscoring a strong vote of confidence in Aimco’s vision.
The development will feature a striking 38-story tower, adjacent to Aimco's recently completed redevelopment of The HamiltonThe new project will offer 114 luxury rental units, each averaging over 2,500 square feetThe apartments will boast 9' to 10' foot ceilings, expansive private terraces, high-end finishes, and unobstructed views of Biscayne BayComplementing the residential space, the development will include approximately 7,000 square feet of ground-floor retail space, enriching the neighborhood’s commercial landscape.
Wes Powell, President and CEO of Aimco, expressed enthusiasm about the project, stating, “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, neighborhoodsOur 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.”
The project is poised to capitalize on Miami’s dynamic real estate market, which continues to benefit from robust macroeconomic trends and a steady influx of new residentsThe Edgewater submarket, where the development is located, has emerged as a highly desirable area, known for its rapid growth and transformationThis development is expected to enhance the area’s residential offerings with a new standard of luxury living.
Marcos Alvarado, Head of US Real Estate at Sixth Street, highlighted the strategic importance of the project, noting, “Miami continues to benefit from strong macroeconomic tailwinds and ongoing in-migration, positioning it as one of the fastest-growing markets in the U.SWe 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 submarketThis 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 developersWe look forward to working with the Aimco team to bring this new residential project to life.”
The project not only highlights Aimco's commitment to developing high-quality rental properties but also signifies a substantial expansion of its portfolio in one of the nation’s most vibrant marketsThe combination of luxury amenities, prime location, and high-caliber financial backing positions this development as a landmark initiative for both Aimco and Miami’s real estate landscape.
As the project progresses toward construction and eventual completion, stakeholders and future residents alike will be watching closely to see how this development shapes the Miami skyline and contributes to the area's continued growth and allure.
