Aimco, a leading real estate investment company, has secured $56 million in preferred equity from Sixth Street for the development of a luxury waterfront rental project in Miami. The development will be located at 560-640 NE 34th Street and will be supported by $172 million in senior construction financing provided by Apollo. Aimco will serve as both the developer and asset manager for this project.
The tower, which is set to rise 38 stories high, will feature 114 upscale rental units with top-of-the-line amenities and approximately 7,000 square feet of retail space on the ground floor. These units are expected to average over 2,500 square feet each and boast impressive features such as high ceilings ranging from nine to ten feet tall, spacious private terraces,and stunning views of Biscayne Bay.
Aimco prides itself on its total return strategy that encompasses various types of investments including development projects like this one. They aim to achieve outsized returns while managing risk effectively through their allocation towards stabilized properties. This new project adds onto their portfolio which includes recently completed redevelopment work on The Hamilton (pictured), another property adjacent to this new venture.
