The 275 unit bayfront multifamily rental tower Hamilton on the Bay in Miami’s Edgewater neighborhood has sold for $89,600,000, which breaks down to roughly $330,000 per unit. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the seller, Properties of Hamilton, Inc. in the transaction. The property was originally developed by Ted Arison, founder of Carnival Cruise line, in 1984.

Apartment Investment and Management Company (Aimco | NYSE: AIV), is a publicly traded real estate investment trust (REIT) who owns over 120+ apartment communities comprising 32,000+ apartment units in major markets across the United States. Aimco also owns Atlanta, New York, San Francisco, Boston, Chicago, Denver, Washington DC, Los Angeles, Philadelphia, Seattle and San Diego. In Miami Aimco also owns Flamingo in South Beach, Bay Parc Apartments in Edgewater and Yacht Club in Brickell.