AIMCO Acquires Miami Apartment Tower
Marcus & Millichap represented both parties in the portfolio deal that also included a nearby 4-unit property and a vacant lot.
AIMCO has acquired Hamilton on the Bay, a community located in the Edgewater neighborhood of downtown Miami. The sale was facilitated by the Hussami Rockson Group of Marcus & Millichap, which represented the seller, SunTrust Community Capital, and procured the buyer. The price was $89.6 million, which was a portfolio sale that included Hamilton on the Bay at 555 NE 34th St., the four-unit 630 NE 34th Street Apartments and a vacant lot across the street.
Built in 1984, the 28-story, 275-unit apartment tower offers the new owners an opportunity for value-add investment. A pair of adjacent parcels enable the buyer to develop another 89 apartments on the site. Such an investment makes business sense given Edgewater’s apartment rent rates continue to display growth. The population of the neighborhood grew 37 percent between 2000 and 2018, while average household income rose 62 percent.
Hamilton on the Bay’s one-, two and three-bedroom apartments range in size from 1,050 to 2,022 square feet. Residences feature in-unit washers and dryers, microwave ovens, individual air conditioning, high-speed Internet access and balconies or patios. A barbecue area overlooking Miami Bay is among the apartment tower’s top amenities.
Because it is situated next to Interstate 195, with its connections to I-95, Hamilton on the Bay gives its residents access to freeways headed in all directions. Residents also have convenient access to the 30-acre mixed-use development Miami World Center, which is being built one mile away. Downtown Miami entertainment center Skyrise Miami, expected to open in 2023, is no more than three miles distant. Also nearby are Wynwood Arts District, Midtown Miami, the Design District and Miami Beach.
Earlier this month, a Marcus & Millichap report indicated suburban areas are gaining new residents as renters relocate from large cities.