Apartment Investment and Management Company (“Aimco”) secured $56 million of preferred equity from Sixth Street for the development of a luxury waterfront rental development, located at 560-640 NE 34th Street in Miami, Florida. Apollo provided $172 million of senior construction financing to support the development. Aimco will serve as the developer and asset manager.

The 38-story tower, adjacent to Aimco’s recently completed redevelopment of The Hamilton (photo), will include 114 luxury rental units, a highly tailored amenity package, and 7,000 square feet of ground floor retail space. The rental units will average more than 2,500 square feet, feature 9’ – 10’ foot ceilings, oversized private terraces and unobstructed views of Biscayne Bay.

Aimco touts that it is focused on a total return strategy that includes development, redevelopment, and other opportunistic investments that offer the prospect of outsized returns on a risk-adjusted basis, while also maintaining an allocation to stabilized properties.

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