/

|

Oak Row Equities is about to pay $520M for a waterfront land assemblage in Miami's Brickell neighborhood, the highest price ever paid for land in the city. Oak Row is under contract to buy 4.25 acres at 1001 and 1111 Brickell Bay Drive, according to a U.S. Securities and Exchange Commission filing by the seller, Apartment Investment & Management Co.

The sale, set to close in March, will land Aimco between $300M and $320M in net proceeds depending on whether Oak Row opts to use $115M in seller financing that would give it an 18-month note at 12%.