A
imco is selling the Hamilton apartment tower in Miami's Edgewater to Kushner Companies for $190 million, or $688,000 per unit. The 28-story, 276-unit building was previously listed by Aimco in the second quarter and has been fully leased since its renovation. Brooklyn-based Beitel Group is buying out Aimco's share of a nearby development site at 3333 Biscayne Boulevard for an undisclosed price.

    Kushner Companies, led by CEO Laurent Morali and President Nicole Kushner Meyer, has been expanding its presence in South Florida. The firm recently completed the 36-story rental tower at 2000 Biscayne Boulevard and is under contract to buy a land assemblage in Hollywood near the Seminole Hard Rock Hotel & Casino.

    Aimco's sale of the Hamilton will help retire about $110 million in liabilities with an average rate of 8.6 percent and return around $90 million of capital to stockholders during the first quarter of next year. The company has been looking to sell some of its South Florida holdings, including the Brickell Bay Office Tower and the Yacht Club Apartments, which were listed for a combined $650 million earlier this year.

    Kushner Companies has also been unloading properties in Manhattan as it focuses more on New Jersey and South Florida. The firm recently paid $38 million for a six-building residential portfolio in New York and is zeroing in on Miami's luxury market.