Aimco is selling the bayfront Hamilton apartment tower in Miami’s Edgewater to Kushner Companies, The Real Deal has learned.
Denver-based Aimco, led by CEO Wes Powell, previously announced it’s under contract to sell the 28-story, 276-unit Hamilton at 555 Northeast 34th Street and its share of the nearby development site at 3333 Biscayne Boulevard for a combined $204 million in all-cash deals. The real estate investment trust did not disclose the buyer of the Hamilton. Brooklyn-based Beitel Group is buying out Aimco in the smaller deal.
New York-based Kushner, led by CEO Laurent Morali and President Nicole Kushner Meyer, is buying the Hamilton, sources told TRD. Kushner declined to comment.
The recently renovated and fully leased building is selling for $190 million, or $688,000 per unit. Aimco listed the property in the second quarter.
In 2020, Aimco paid $89.6 million for the Hamilton, the vacant lot across the street at 640 Northeast 34th Street and the adjacent four-unit apartment building at 630 Northeast 34th Street. The Hamilton was developed in 1984 by the late Ted Arison, founder of Carnival Cruise Line. The billionaire Arison family sold the properties to Aimco.
Aimco has been looking to sell some of its South Florida holdings.
When it sells both the Hamilton and its share of the development site at 3333 Biscayne, Aimco will retire about $110 million in liabilities with an average rate of 8.6 percent and return about $90 million of capital to stockholders during the first quarter of next year, according to a press release.
Earlier this year, Aimco listed the Brickell Bay Office Tower at 1001 Brickell Bay Drive, and the adjacent Yacht Club Apartments at 1111 Brickell Bay Drive in Miami for a combined $650 million.
Kushner, which recently paid $38 million for a six-building residential portfolio in New York, has been unloading properties in Manhattan as it focuses more on New Jersey.
The firm has also been zeroing in on South Florida.
Kushner and PTM Partners recently completed the 36-story, 420-unit rental tower at 2000 Biscayne Boulevard and hired Serhant to handle leasing of the luxury apartments.
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Kushner is also under contract to buy a land assemblage in Hollywood near the Seminole Hard Rock Hotel & Casino. The sites, just south of Stirling Road and east of U.S. Route 441, total about 5.7 acres.
In January, Kushner secured approval for a nearly 90-unit luxury apartment development in Surfside that will include a roughly 1,200-square-foot synagogue. The firm also has projects in Miami Gardens, and in Miami’s Wynwood.
Lidia Dinkova contributed reporting.