Apartment Investment and Management (NYSE: AIV) closes $520M sale, targets capital return

Rhea-AI Filing Summary

Apartment Investment and Management Company (Aimco) completed the sale of its Brickell Assemblage properties in Miami for total consideration of $520 million. The purchaser financed $85 million of the price with seller financing notes from Aimco that run for 24 months, carry compounding interest starting at 12% and rising to 16% after twelve months, include 3% exit fees, and allow two one-year renewals with interest increasing to 20% and 24%.

Aimco reports initial net proceeds of approximately $220 million after property-level debt, deferred tax liability, transaction costs, and excluding the seller financing notes. Aimco has previously stated it plans to monetize these notes and now indicates it intends to distribute the majority of net proceeds to shareholders. Separately, Aimco subsidiaries agreed to sell two properties totaling 660 apartment homes in Florida and Tennessee for $155 million, with a non-refundable $5 million deposit and closing targeted for the first quarter of 2026, subject to mortgage loan assumption approvals.

Positive

• Completed $520 million Brickell Assemblage sale with ~$220 million initial net cash proceeds, creating substantial liquidity after debt, taxes, and transaction costs.
• Company states it intends to distribute the majority of net proceeds to shareholders, indicating a potentially meaningful capital return.
• Additional $155 million property sale agreement for 660 apartment homes with a non-refundable $5 million deposit supports ongoing asset monetization.

Negative

• None.

Insights

Real estate and REIT analyst

Aimco crystallizes value with a $520M sale and signals sizable capital return.

The company has closed the sale of the Brickell Assemblage in Miami for $520 million, a large, single transaction for a real estate platform. Part of the consideration is in seller financing notes of $85 million with high, escalating interest rates from 12% to up to 24%, plus 3% exit fees, which may generate meaningful interest income while the notes are outstanding.

After paying associated property-level debt, deferred taxes, and transaction costs, Aimco reports initial net cash proceeds of about $220 million, excluding the seller notes. Management states that the majority of these net proceeds are intended to be distributed to shareholders, which can be significant for equity holders depending on the company’s size. In addition, Aimco agreed to sell two more properties for $155 million, with closing scheduled in the first quarter of 2026 subject to mortgage loan assumption approvals, indicating continued portfolio repositioning and potential additional liquidity.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 22, 2025

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

(Exact name of registrant as specified in its charter)

Maryland (Apartment Investment and Management Company)		1-13232		84-1259577
Delaware (Aimco OP L.P.)		0-56223		85-2460835
(State or other jurisdiction		(Commission		(I.R.S. Employer
of incorporation or organization)		File Number)		Identification No.)

4582 SOUTH ULSTER STREET

SUITE 1450, DENVER, CO 80237

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (833) 373-1300

NOT APPLICABLE

(Former name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Apartment Investment and Management Company Class A Common Stock	AIV	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act. ☐

Item 1.01 Entry Into a Material Definitive Agreement.

On December 23, 2025, Apartment Investment and Management Company (“Aimco”), through Aimco Hillmeade, LLC and CCIP Plantation Gardens, L.L.C., each a subsidiary of Aimco, entered into an agreement (the “Agreement”) to sell two properties to HGI Acquisitions, LLC (the “buyer”) for a gross price of $155 million. 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.

The foregoing description of the Agreement is not intended to be complete and is qualified in its entirety by reference to the document, a copy of which is attached hereto as Exhibit 10.1, and incorporated by reference herein.

Item 2.01 Completion of Acquisition or Disposition of Assets

As previously reported, on December 30, 2024, certain subsidiaries of Aimco and Aimco OP L.P. (collectively, the “Company” or “Seller”) entered into an Interests Purchase and Sale Agreement (the “Brickell Agreement”) with Brickell Bay Property Owner LLC (the “Purchaser”). The Purchaser is not affiliated with the Seller. Under the terms of the Brickell Agreement, the Seller agreed to sell to the Purchaser the ownership interests in its subsidiaries that own the properties located at 1001 Brickell Bay Drive and 1111 Brickell Bay Drive in Miami, Florida (together referred to as the “Brickell Assemblage”) for a gross purchase price of $520 million.

On December 22, 2025, the Company completed the sale of the Brickell Assemblage for total consideration of $520 million. The Purchaser financed $85 million of the $520 million purchase price with transferable seller financing notes from Aimco. The seller financing notes have initial terms of 24 months with compounding interest rates that increase from 12% to 16% after twelve months, as well as exit fees of 3%. The financing notes also allow for two successive one-year renewal options at the Purchaser's election, upon which the interest rates increase to 20% and 24%, respectively.

Initial net proceeds from the transaction, when accounting for associated property-level debt, the deferred tax liability, transaction costs, and excluding the seller financing notes, are approximately $220 million. As previously announced, Aimco plans to monetize the seller financing notes. Aimco intends to distribute the majority of net proceeds to shareholders.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K 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 and the section entitled “Risk Factors” in Part II, Item 1A of Aimco’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, 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.

Item 9.01. Financial Statements and Exhibits.

(b) Pro Forma Financial Information

Pro forma financial statements will be filed by amendment to this Form 8-K no later than Wednesday, December 31, 2025.
 

(d) The following exhibits are filed with this report:

Exhibit No.	Description
10.1+	Purchase and Sale Contract, effective as of December 23, 2025, by and among Aimco Hillmeade, LLC, CCIP Plantation Gardens, L.L.C., and HGI Acquisitions, LLC (filed herewith)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

+ Exhibits marked with a (+) exclude certain portions of the exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K. A copy of the omitted portions will be furnished to the SEC upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: December 23, 2025

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

/s/ H. Lynn C. Stanfield

H. Lynn C. Stanfield

Executive Vice President and Chief Financial Officer

AIMCO OP L.P.

By: Aimco OP GP, LLC, its general partner

By: Apartment Investment and Management Company, its managing member

/s/ H. Lynn C. Stanfield

H. Lynn C. Stanfield

Executive Vice President and Chief Financial Officer

FAQ

What major transaction did Apartment Investment and Management Company (AIV) complete?

Aimco completed the sale of the Brickell Assemblage properties at 1001 and 1111 Brickell Bay Drive in Miami, Florida, for total consideration of $520 million.

How much cash did AIV initially receive from the Brickell Assemblage sale?

Aimco reports initial net proceeds of approximately $220 million, after accounting for associated property-level debt, deferred tax liability, and transaction costs, and excluding the seller financing notes.

What are the terms of the seller financing notes Aimco provided in the Brickell sale?

The purchaser financed $85 million of the $520 million price with transferable seller financing notes from Aimco that have initial 24-month terms, compounding interest rates starting at 12% and increasing to 16% after twelve months, 3% exit fees, and two successive one-year renewal options with interest rates rising to 20% and 24%.

What does AIV plan to do with the proceeds from the Brickell sale?

Aimco states that it has previously announced plans to monetize the seller financing notes and that it now intends to distribute the majority of net proceeds to shareholders.

What new property sale agreement did AIV enter into on December 23, 2025?

Subsidiaries of Aimco entered into an agreement to sell two properties totaling 660 apartment homes in Plantation, Florida, and Nashville, Tennessee, to HGI Acquisitions, LLC for a gross price of $155 million.

When is the closing of AIV’s new $155 million property sale expected?

Closing of the $155 million sale is scheduled for the first quarter of 2026, pending approval of the assumption of the in-place mortgage loans.

Did the buyer for AIV’s $155 million property sale make a deposit?

Yes. The buyer has completed due diligence and made a non-refundable $5 million deposit in connection with the agreement to purchase the two properties.