APARTMENT INVESTMENT & MANAGEMENT CO 8-K

What Happened

• Apartment Investment & Management Company (Aimco) announced two property transactions in an 8-K filed December 23, 2025. On December 22, 2025 Aimco completed the sale of the Brickell Assemblage (1001 and 1111 Brickell Bay Drive, Miami, FL) for $520 million to Brickell Bay Property Owner LLC. Separately, on December 23, 2025 Aimco subsidiaries entered into a purchase-and-sale agreement to sell two apartment properties (660 units total) in Plantation, FL and Nashville, TN to HGI Acquisitions, LLC for $155 million; the buyer made a $5 million non‑refundable deposit and closing is targeted for Q1 2026 pending assumption of in-place mortgage loans.

Key Details

• Brickell Assemblage sale: $520 million gross purchase price; transaction closed December 22, 2025.
• Buyer financing: Purchaser financed $85 million of the $520M purchase price using transferable seller financing notes from Aimco.
• Seller notes terms: initial 24-month notes with compounding interest rising from 12% to 16% after 12 months, 3% exit fees, and two one‑year renewal options at the purchaser’s election (interest rising to 20% and 24% on renewals).
• Net proceeds: Initial estimated net proceeds to Aimco (after property-level debt, deferred tax liability, and transaction costs, and excluding the seller notes) are approximately $220 million.
• Pending sale: $155 million contract with HGI Acquisitions; buyer completed due diligence and paid a $5 million non‑refundable deposit; closing contingent on mortgage assumption approval.

Why It Matters

• These transactions are material liquidity events: the Brickell closing generated substantial cash proceeds (initial net ~ $220M) and Aimco expects to monetize the seller financing notes and intends to distribute the majority of net proceeds to shareholders.
• The pending $155M sale, if closed, would further reduce Aimco’s property exposure and increase near-term liquidity, though it remains contingent on mortgage assumption approvals.
• Investors should note the seller‑financing structure and high interest rates on the notes (which Aimco plans to monetize) and review Aimco’s filings for future pro forma financials (Aimco said it will file pro forma statements by Dec 31, 2025) and related forward‑looking disclosures.