Multifamily developer dropped $80.96 million on Edgewater apartment building
The multifamily developer Aimco is no stranger to Edgewater. It dropped $80.96 million on its second acquisition in the waterfront neighborhood last week.
The Denver-based firm bought the apartment building Hamilton on the Bay at 555 NE 34th St. last Thursday, according to the Real Deal. It also owns the apartment building Bay Parc across from Margaret Pace Park. Bay Parc was developed by Florida East Coast Realty in 2000; Aimco purchased it in 2004 for about $62 million, according to property records, and later invested $16 million in renovations in 2016.
Hamilton on the Bay, a 615,785-square-foot building built in 1984, rises 28 stories and includes 275 units. The building went on the market in the summer of 2019, according to Marcus & Millichap Senior Associate Rani Hussami. Hussami brokered the deal on behalf of the seller — the Arison family, the founding family of Carnival Cruise Line. Micky Arison, one of the family members, also owns the Miami Heat.
“The building went under contract in early 2020,” Hussami said. The deal survived the pandemic as some investors backed out of transactions, he said, because of its proximity to I-95, Wynwood, the Design District, Midtown, Miami Beach, and Downtown Miami. “There aren’t that many left like that on the market in Edgewater. I’m still getting calls about it till this day.”
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Should the existing building be demolished, the entire property covers 4.4 acres and may be redeveloped to include 571 units under zoning regulation. The property, divided into three parcels, has two adjacent and empty lots that can be redeveloped to have a total of 89 units.
Aimco did not immediately respond to offer more details.
The cruise line industry has faced financial losses due to the pandemic. Carnival, in particular, laid off nearly half of its local workforce in May. In June, it reported a total loss of $2.4 billion in its second quarter earnings report and expected to sell six ships by sometime in September.
This story was originally published September 3, 2020 at 7:00 AM.
