Aimco to sell Boston apartment portfolio for $740M

Apartment Investment and Management Company has entered into a definitive agreement to sell its portfolio of five apartment properties, including 2,719 units, located in suburban Boston for $740M to an affiliate of Harbor Group International, LLC. The buyer has completed due diligence and made a $20M non-refundable deposit. Four of the five asset sales are expected to close during the third quarter of this year, with closing of the final asset expected in the fourth quarter. In addition, Aimco (AIV) remains under contract to sell its Brickell Assemblage, which includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building located in Miami, FL, for $520 million. During July, the buyer exercised its final closing extension option and increased its non-refundable deposit by $7 million, bringing the total non-refundable deposit to $50 million. Closing is now scheduled for the fourth quarter of 2025. Gross proceeds from the Boston and Brickell transactions are expected to equal $1.26 billion. Net proceeds, when accounting for associated property-level debt and the deferred tax liability related to the Brickell assets, are expected to be approximately $785 million, or $5.21 per common share.