05:54 PM EDT, 09/16/2024 (MT Newswires) -- Apartment Investment and Management ( AIV ) , or Aimco, said late Monday it has secured $56 million in preferred equity from Sixth Street and $172 million in senior construction financing from Apollo Global Management ( APO ) affiliates for a luxury waterfront rental development in Miami, Florida.

The 38-story tower will include 114 luxury rental units and around 7,000 square feet of retail space, the company said.

Aimco, which will serve as both the developer and asset manager, is advancing the project adjacent to its recent redevelopment of The Hamilton, the company added.