DENVER, Oct. 9, 2024 /PRNewswire/ — Condo Funding and Control Corporate (“Aimco”) (NYSE: AIV) introduced as of late that it’s underneath assurance to promote, for $204 million, its pursuits in two actual property investments within the Edgewater group of Miami, Florida. The 2 investments come with the just lately finished redevelopment of a 276-unit waterfront condominium construction, referred to as The Hamilton, and Aimco’s partnership hobby in a 2.8-acre construction website online at 3333 Biscayne Street.

The Hamilton, the place Aimco finished the foremost redevelopment and lease-up all the way through the autumn of 2023, is underneath agreement for $190 million and the patron’s storagefacility is non-refundable. At 3333 Biscayne Street, Aimco’s three way partnership spouse has assuredly to buy Aimco’s hobby, at a improper valuation of $66.5 million or $13.8 million at Aimco’s proportion of the mission. The all-cash transactions are anticipated to related through year-end 2024. Upon endmost, Aimco plans to vacate roughly $110 million of related liabilities, lately wearing a median price of 8.6%, and expects to go back roughly $90 million of capital to stockholders all the way through the primary quarter of 2025.

Moreover, Aimco continues to exit the gross sales procedure alike to its Brickell Assemblage, which incorporates 1001 and 1111 Brickell Bay Power in Miami, Florida. Aimco does now not intend to remark or serve additional data till a definitive assurance has been done and purchaser deposits have turn into nonrefundable.

“The pending sale of the Edgewater assets will crystalize the value created during Aimco’s ownership and, in alignment with our previously stated capital allocation plans, will allow for a meaningful return of capital to Aimco stockholders,” stated Wes Powell, President and CEO of Aimco.

About Aimco

Aimco is a varied actual property corporate essentially desirous about value-add and opportunistic investments, concentrated on the USA multifamily sector. Aimco’s venture is to build actual property investments the place results are enhanced via its human capital in order that really extensive cost is created for buyers, teammates, and the communities during which it operates. Aimco is traded at the Pristine York Store Trade as AIV. For more info about Aimco, please seek advice from its website online www.aimco.com.

Preserve Harbor Observation

This press reduce comprises forward-looking statements throughout the that means of the federal securities rules. Ahead-looking statements come with all statements that aren’t ancient statements of truth and the ones relating to our intent, trust, or expectancies. Phrases comparable to “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s), “might,” “will,” “would,” “may,” “will have to,” “search(s),” “forecast(s),” 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 the Company’s financial statements and the notes thereto, as well as the section entitled “Chance Elements” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as those filings determine and deal with noteceable dangers and uncertainties that might motive fresh occasions and effects to range materially from the ones contained within the forward-looking statements. Those forward-looking statements replicate control’s judgment as of this moment, and the Corporate assumes refuse (and disclaims any) legal responsibility to revise or replace them to replicate presen occasions or instances.

SOURCE Condo Funding and Control Corporate (Aimco)

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Virtual Media
Retailers

270k+
Newshounds
Opted In