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imco is selling its Hamilton apartment tower and an adjacent development site in Edgewater for a combined $204 million. The Denver-based real estate investment trust has been divesting some of its prime South Florida holdings this year. Aimco is under contract to sell the 28-story, 276-unit Hamilton at 555 Northeast 34th Street in Miami for $190 million and the 2.8-acre site at 3333 Biscayne Boulevard for $13.8 million to a joint venture partner.

    The all-cash deals are expected to close by year-end, allowing Aimco to retire about $110 million in liabilities with an average rate of 8.6 percent and return about $90 million of capital to stockholders next quarter. The Hamilton sale will break down to $688,406 per apartment, a significant price considering the property was acquired for $89.6 million in 2020.

    Aimco had partnered with Beitel Group to develop a three-tower mixed-use project on the site at 3333 Biscayne Boulevard, which spans 12 lots and is planned for 1.8 million square feet of space. Construction is expected to start in 2026. Aimco also plans to sell its Brickell holdings, including the 32-story Brickell Bay Office Tower and the adjacent Yacht Club Apartments, listed for a combined $650 million.