Aimco Closes Sale of Brickell Assemblage and Enters Agreement to Sell Two Additional Properties

Rhea-AI Summary

Aimco (NYSE:AIV) sold its Brickell Assemblage in Miami for $520 million on December 22, 2025, including $85 million of transferable seller financing notes that Aimco plans to monetize. The notes carry an average interest rate of 18% with a two-year term plus two one-year extension options. Initial net proceeds, excluding the seller notes, were approximately $220 million after debt, deferred tax liability, and transaction costs.

Aimco also signed a definitive agreement to sell two properties totaling 660 apartment homes (Plantation, FL and Nashville, TN); the buyer placed a $5 million non-refundable deposit and closing is targeted for Q1 2026 pending mortgage assumption approvals. Aimco said it intends to distribute the majority of net proceeds under a proposed Plan of Sale and Liquidation to be submitted to shareholders in early 2026.

Positive

• Asset sale of $520 million closed on December 22, 2025
• Included $85 million seller financing notes available to monetize
• Initial net proceeds of approximately $220 million (excluding notes)
• Under contract to sell an additional $620 million of real estate

Negative

• $85 million of proceeds are seller-financed, delaying cash receipts
• Closing of two-property sale depends on mortgage assumption approval
• Distribution plan requires shareholder approval expected in early 2026

Key Figures

Brickell Assemblage sale price $520 million Sale of The Yacht Club Apartments and 1001 Brickell Bay Drive

Seller financing notes $85 million Transferable seller financing provided to buyer at closing

Seller note interest rate 18% Average interest rate over full duration of seller financing notes

Non-refundable deposit $5 million Deposit paid by buyer for two additional properties under contract

Apartment homes under contract 660 apartment homes Properties in Plantation, FL and Nashville, TN

2025 real estate sold $1.26 billion Real estate sales in suburban Boston and Miami in 2025

Real estate under contract $620 million Additional properties under contract including Chicago and Atlanta agreements

Closing timeline First quarter of 2026 Scheduled closing for two properties, pending mortgage assumption approvals

Market Reality Check

$5.79 Last Close

Volume Volume 1,101,860 is 0.69x the 20-day average of 1,598,663, indicating subdued trading activity pre-announcement. low

Technical Shares at $5.62 were trading below the 200-day MA of $7.54 and 39.5% under the 52-week high of $9.29 before this news.

Peers on Argus

Residential REIT peers showed mixed but generally positive moves, with CSR up 0.97%, ELME up 0.75%, NXRT up 2.83%, and VRE up 1.17%, while UMH was down 0.06%. No sector-wide momentum flag was detected.

Market Pulse Summary

This announcement details significant portfolio monetization, including a $520 million sale of the Brickell Assemblage and contracts to dispose of properties totaling 660 apartment homes plus an additional $620 million of assets under contract. In 2025, Aimco sold $1.26 billion of real estate, tying into its stated Plan of Sale and Liquidation and anticipated shareholder vote in early 2026. Key factors to watch include closing of contracted sales, treatment of seller financing notes, and the terms disclosed in the forthcoming proxy statement.

Key Terms

seller financing notes financial

"The sale included $85 million of transferable seller financing notes provided from Aimco"

A seller financing note is a written promise that the seller of an asset will accept payments over time instead of receiving full cash up front, effectively acting like a bank for the buyer. For investors, these notes matter because they create future payment streams and credit exposure tied to the buyer’s ability to pay, which affects cash flow, valuation and the risk profile of a deal much like holding a loan on a company’s balance sheet.

deferred tax liability financial

"accounting for associated property-level debt, the deferred tax liability, transaction costs"

An accounting entry showing taxes a company will owe in the future because its financial reporting and tax rules record income or expenses at different times. Think of it like a bill the company has postponed: it can make current profits look higher but means cash taxes may be higher later. Investors watch it to understand true earnings quality and potential future cash outflows that could affect returns.

proxy statement regulatory

"Aimco intends to file a proxy statement (the "Proxy Statement") with the Securities"

A proxy statement is a document companies send to shareholders ahead of a meeting that lays out the items up for a vote—like who will sit on the board, executive pay, and major corporate decisions—and provides background so shareholders can decide how to cast their votes or appoint someone to vote for them. Think of it as an agenda plus a ballot and briefing notes, important because the outcomes can change control, strategy, and value.

Securities and Exchange Commission regulatory

"with the Securities and Exchange Commission (the "SEC"). The Proxy Statement will"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

Schedule 14A regulatory

"proxy statement for its Annual Meeting of Shareholders on Schedule 14A filed with the SEC"

Schedule 14A is a document that companies file with regulators to share important information with shareholders before a big vote, like approving a merger or election of directors. It matters because it helps investors understand what’s happening so they can make informed decisions about the company’s future.

Form 4 regulatory

"reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

AI-generated analysis. Not financial advice.

DENVER, Dec. 23, 2025 /PRNewswire/ -- Apartment Investment and Management Company ("Aimco") sold its Brickell Assemblage, which includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building located in Miami, Florida, for $520 million on Monday, December 22, 2025.  The sale included $85 million of transferable seller financing notes provided from Aimco to the buyer at closing. Each note has a two-year term and two one-year extension options with an average interest rate over the full duration of 18%. Initial net proceeds, when accounting for associated property-level debt, the deferred tax liability, transaction costs, and excluding the seller financing notes, were approximately $220 million.  As previously announced, Aimco plans to monetize the seller financing notes.

In addition, Aimco has also entered into a definitive agreement to sell two properties to an affiliate of Harbor Group International, LLC. The properties under contract include a total of 660 apartment homes and are located in Plantation, Florida and Nashville, Tennessee. The buyer has completed due diligence and made a non-refundable deposit of $5 million.  Closing is scheduled for the first quarter of 2026, pending assumption of the in-place mortgage loans, the approval of which is currently being pursued.

In 2025, Aimco sold $1.26 billion of real estate in suburban Boston and Miami and, including the previously announced Chicago and Atlanta property sale agreements, Aimco is currently under contract to sell an additional $620 million of real estate.

Aimco Chairman Dary Stone comments: "These important transactions highlight Aimco's commitment to unlocking the shareholder value created through years of prudent investing and active management of the portfolio."

If closing occurs as planned, Aimco intends to distribute the majority of net proceeds to shareholders, pursuant to Aimco's "Plan of Sale and Liquidation" which we expect to put before shareholders for approval in early 2026.

Additional Information and Where to Find It

This release relates to the proposed plan of sale and liquidation of Aimco and may be deemed to be solicitation material in respect of the Proposed Transaction. In connection with the Proposed Transaction, Aimco intends to file a proxy statement (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC"). The Proxy Statement will be sent to all shareholders of Aimco. Aimco will also file other documents regarding the Proposed Transaction with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF AIMCO ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ALL OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and shareholders of Aimco may obtain copies of the Proxy Statement and other documents that are filed or will be filed by Aimco with the SEC, free of charge, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by Aimco with the SEC will also be available, free of charge, on Aimco's website at investors.aimco.com or by contacting Aimco's investor relations contact at investor@aimco.com.

Participants in the Solicitation

Aimco, certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from Aimco's shareholders in connection with the Proposed Transaction. Information about Aimco's directors and executive officers and their ownership of Aimco's common stock is set forth in Aimco's proxy statement for its Annual Meeting of Shareholders on Schedule 14A filed with the SEC on April 25, 2025. To the extent that holdings of Aimco's securities have changed since the amounts reported in Aimco's proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the Proposed Transaction may be obtained by reading the Proxy Statement regarding the Proposed Transaction when it becomes available. You may obtain free copies of these documents using the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)," "forecast(s)," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements, including those regarding the timing of asset sales and the timing and amount of capital expected to be returned to stockholders, are not guarantees of future performance, condition or results, and involve a number of known and unknown risks, uncertainties, and assumptions that may affect actual results or outcomes, including changes in market conditions, fluctuations in our stock price, our financial performance, regulatory changes, and general economic conditions. Readers should carefully review Aimco's financial statements and the notes thereto, as well as the section entitled "Risk Factors" in Item 1A of Aimco's Annual Report on Form 10-K for the year ended December 31, 2024, as these filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements reflect management's judgment as of this date, and Aimco assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

About Aimco

Aimco is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through its human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. For more information about Aimco, please visit its website www.aimco.com.

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SOURCE Apartment Investment and Management Company (Aimco)

FAQ

What did Aimco announce about the Brickell Assemblage sale (AIV) on December 22, 2025?

Aimco sold the Brickell Assemblage for $520 million, including $85 million in transferable seller financing notes.

How much initial cash did Aimco report from the Brickell sale (AIV)?

Initial net proceeds were approximately $220 million, excluding the seller financing notes.

What are the terms of the seller financing notes included in the AIV Brickell sale?

The notes total $85 million, have a two-year term plus two one-year extensions, and average 18% interest over the full duration.

Which additional properties is Aimco selling under agreement and when will they close (AIV)?

Aimco agreed to sell two properties totaling 660 apartment homes in Plantation, FL and Nashville, TN; closing is scheduled for Q1 2026 pending mortgage assumption approvals.

Will Aimco distribute sale proceeds to shareholders (AIV)?

Aimco intends to distribute the majority of net proceeds under a proposed Plan of Sale and Liquidation, which will be presented for shareholder approval in early 2026.