Aimco, a Denver-based real estate investment trust, avoided paying approximately $5.5 million in state and county taxes on its record $520 million sale of a Brickell development site. The transaction did not involve recording a deed, which allowed the company to bypass about $3.12 million in Florida documentary stamp taxes and $2.34 million in Miami-Dade County surtax. These taxes are typically used to fund affordable housing initiatives.
The South Florida Business Journal reported these figures based on tax rate calculations. Aimco, led by Wes Powell, did not respond to requests for comment.
In November, Aimco announced plans for voluntary dissolution due to a slowdown in the multifamily market. Over the past year, the company has been selling off assets and listed its Brickell property portfolio for about $650 million earlier in 2024.
Last month, OKO Group—headed by Vlad Doronin—and Oak Row Equities acquired the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive and the adjacent 31-story Yacht Club Apartments at 1111 Brickell Bay Drive from Aimco. Mariposa Real Estate, associated with Miami’s Franklin family and Mariposa Capital, joined as a partner in the purchase.
The buyers secured a $464.5 million loan from Tyko Capital for the acquisition. The financing documents were recorded with Miami-Dade County, showing that ownership was transferred through limited liability companies previously controlled by Aimco but now signed over by Oak Row’s Erik Rutter on behalf of the borrowers. Rutter leads Oak Row along with David Weitz.
This method of transferring ownership interests in LLCs rather than recording deeds is legal and occasionally used in real estate transactions; however, this is reportedly the largest known South Florida sale conducted without deed recording or payment of related taxes.
The sale marks the largest urban land site deal in South Florida history and possibly within Florida overall. OKO Group and Oak Row plan to develop a hotel and branded condominiums as part of their first phase on the site, which can accommodate multiple supertall buildings totaling more than three million square feet. Currently, two income-generating properties occupy the land.
