Denver, CO – Apartment Investment and Management Company (Aimco) has reached a definitive agreement to sell its five-property, 2,719-unit suburban Boston apartment portfolio to an affiliate of Harbor Group International for $740 million. The buyer has completed due diligence and made a $20 million non-refundable deposit. Four properties are expected to close in the third quarter, with the final asset closing in the fourth quarter of this year.
In a separate deal, Aimco remains under contract to sell its Brickell Assemblage in Miami — consisting of The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building — for $520 million. The buyer recently exercised its last extension option and increased its non-refundable deposit to $50 million. Closing is set for the fourth quarter of 2025.
Combined, the two transactions are expected to generate $1.26 billion in gross proceeds. After accounting for debt and deferred taxes tied to the Brickell sale, net proceeds are estimated at about $785 million, or $5.21 per common share. Aimco plans to return most of the proceeds to shareholders.
Post-sale, Aimco’s portfolio will include 18 apartment communities totaling 3,457 units, mainly in suburban Chicago and the Washington, D.C., metro area, generating an expected $90 million in annual net operating income once fully stabilized by year-end 2026. The company’s active development pipeline includes a Miami waterfront residential tower scheduled for 2027 delivery and the potential for more than 3,700 new apartment homes.
Morgan Stanley & Co. LLC is advising Aimco as the company explores additional strategic options, which could include further asset sales or a company sale or merger.