BETHESDA, Md.--(BUSINESS WIRE)--Walker & Dunlop, Inc. announced today that it arranged the $190 million sale and $157 million financing of The Hamilton, a 276-unit trophy bayfront high rise in Miami's popular Edgewater neighborhood.
The Walker & Dunlop South Florida Investment Sales team, led by Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins, and Luke Duffack, arranged the sale on behalf of Apartment Investment and Management Company (Aimco). Concurrently, Walker & Dunlop's New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski, Mo Beler, Michael Ianno, and Christopher de Raet, arranged the $157,500,000 financing package, on behalf of the buyer, Kushner Companies, which Apollo Global Management and Macquarie Group provided. Today, the property is recognized as one of just two institutional-quality, direct bayfront rental towers in Miami.
Originally developed in 1984, Aimco purchased The Hamilton in 2020 and executed a complete renovation of the community, which was completed in 2022. The waterfront property features 276 spacious apartments, ranging from one to five bedrooms and averaging 1,373 square feet - 60% larger than newer-vintage properties in neighboring submarkets, distinguishing the community from other luxury rentals in Miami's urban core.
Additionally, The Hamilton offers the largest private outdoor terraces in South Florida, with each apartment boasting a terrace that averages 326 square feet and some larger than 2,300 square feet—an unparalleled amenity in high-rise rentals. Further, the building boasts a density of just 72 units per acre, the lowest of any luxury high-rise rental in Miami-Dade County, setting The Hamilton apart from all other multifamily properties and allowing for an unmatched array of outdoor and bayfront amenities.
"The community's bayfront location, unique features, appealing amenities, and stunning architecture combine to make The Hamilton one of South Florida's most iconic assets. Aimco’s redevelopment execution of the aging property was flawless, followed by the expeditious lease-up and high-quality resident base. We're thrilled to have partnered with Aimco to market this exceptional asset, and we are excited to see the Kushner team build upon the work already completed," said Still Hunter, managing director of Investment Sales at Walker & Dunlop. "We are also thankful to our Capital Markets team, whose collaboration was crucial in bringing this deal together. Our combined efforts highlight Walker & Dunlop's ability to deliver a seamless, one-stop-shop experience, securing a strong outcome for our clients and showcasing the depth of our expertise."
The Hamilton's Edgewater location puts the community at the center of one of South Florida's most vibrant and rapidly growing submarkets. Its prime position along Biscayne Bay, just north of Downtown Miami and Brickell, provides residents with world-class bay and ocean views, exceptional access to major thoroughfares, proximity to Miami-Dade County's largest employment hubs, and a wide range of retail, entertainment, and lifestyle amenities.
Walker & Dunlop is a leader in multifamily property sales, having completed over $51 billion in property sales volume since 2021. The firm is also one of the top providers of capital to the U.S. multifamily market. In 2023, Walker & Dunlop originated over $24 billion in debt financing volume, including lending over $20 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
