DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in the fourth quarter.
The assets are located throughout New England, primarily near Boston, and span the states of Massachusetts, New Hampshire and Rhode Island. HGI will implement a value-add program across the properties. As of July 2025, the portfolio was 95.7 percent occupied. The assets were constructed between 1970 and 1974.
In addition, Aimco remains under contract to sell its Brickell Assemblage, which includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building located in Miami for $520 million. During July, the undisclosed buyer exercised its final closing extension option and increased its non-refundable deposit by $7 million, bringing the total non-refundable deposit to $50 million. Closing is now scheduled for the fourth quarter of 2025.
Gross proceeds from the New England and Brickell transactions are expected to equal $1.26 billion. Net proceeds, when accounting for associated property-level debt and the deferred tax liability related to the Brickell assets, are expected to be approximately $785 million, or $5.21 per common share.