from SNL Real Estate Daily
Aimco to acquire Fort Lauderdale, Fla., development site for $100M
Byline: Pam Rosacia
Apartment Investment and Management Co., or Aimco, agreed to buy a 9-acre development site in Fort Lauderdale, Fla.'s Flagler Village neighborhood for about $100 million in a transaction signed in February.
The site can accommodate about 3 million square feet of mixed-use development, according to the multifamily real estate investment trust's latest earnings release.
In January, Aimco's 51/49 joint venture with The Kushner Cos. wrapped up the purchase of a trio of undeveloped land parcels in downtown Fort Lauderdale for $49 million, or $25 million at the REIT's share. The parcels are zoned for the construction of some 3 million square feet of multifamily homes and commercial space.
In the same month, Aimco paid $1.7 million to buy a strategic land parcel in Miami's Edgewater neighborhood, where its Hamilton apartment community is being redeveloped. The company said it has the ability to launch over 1.1 million square feet of development in the area.