Aimco and Sixth Street Collaborate on Luxury Rental Project
Aimco and Sixth Street Collaborate on Luxury Rental Project
Apartment Investment and Management Company (AIV) is embarking on an exciting venture by partnering with Sixth Street to fund the construction of a luxury waterfront rental property. This project was initiated with a substantial investment of $56 million in preferred equity. The collaboration aims to enhance the allure of the rapidly developing Edgewater neighborhood.
Details About the New Development
The new development will feature a majestic 38-story tower designed to provide an upscale living experience. A highlight includes 114 spacious rental units with an impressive average of over 2,500 square feet each. Adding to the luxury vibe are high ceilings ranging from 9 to 10 feet, expansive private terraces, and captivating views of Biscayne Bay.
Amenities and Features
Residents will benefit from a thoughtfully curated amenity package that caters to a modern lifestyle. An additional 7,000 square feet of retail space on the ground floor will foster a vibrant community atmosphere, making it not just a place to live but a lifestyle choice.
What Leaders Are Saying
Wes Powell, President and CEO of Aimco, expressed his excitement about this project, stating, "We are thrilled to advance this exciting project and bring a truly unique rental experience to one of Miami's fastest growing and most desirable neighborhoods.” He believes that the project will significantly benefit both Aimco shareholders and the local community.
The Vision Behind the Partnership
Marcos Alvarado, Head of US Real Estate at Sixth Street, commented on the project: “Miami continues to benefit from strong macroeconomic tailwinds positioning it as one of the fastest-growing markets in the U.S. We aim to deliver a rental offering that features condominium-quality finishes, and we’re dedicated to expanding our multifamily footprint by collaborating with Aimco, one of the nation’s premier multifamily developers.” His enthusiasm underscores the potential of the partnership.
About Aimco and Sixth Street
Aimco is a reputable real estate company that specializes in value-add and opportunistic investments within the U.S. multifamily sector. The firm's mission revolves around making strategic real estate investments that create substantial value for investors and the communities they serve. Aimco is publicly traded on the New York Stock Exchange as AIV.
To Learn More About the Companies
If you want to find more about Aimco and their ongoing initiatives, visit their official website for comprehensive information. Additionally, Sixth Street operates as a global investment firm with a robust portfolio managed collectively to develop innovative solutions across various market stages. They emphasize integrating data and collaboration among their global team to maximize asset values.
Frequently Asked Questions
What is Aimco's latest project?
Aimco's latest project is a luxury waterfront rental development in partnership with Sixth Street, aimed at expanding its footprint in the Miami real estate market.
How much funding did Aimco secure for its new development?
Aimco secured $56 million in preferred equity from Sixth Street for the development of its new luxury rental property.
What types of units will the new development offer?
The new development will feature 114 luxury rental units averaging over 2,500 square feet, with high-end finishes and stunning views of Biscayne Bay.
What is the significance of this project for Aimco?
This project represents Aimco's commitment to providing premium living experiences and adds significant value for its shareholders and the greater Miami community.
What makes Miami attractive for this type of development?
Miami's strong macroeconomic growth and ongoing in-migration are key factors that make it an appealing market for new luxury rental developments.
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