04:54 PM EST, 12/19/2024 (MT Newswires) -- Apartment Investment & Management (AIV) closed the $204 million sale of its interests in two real estate investments in the Edgewater neighborhood of Miami.

Net proceeds were $90 million after retiring $110 million of debt at closing, the company said Thursday in a statement.

Net proceeds from the sale will be returned to stockholders in Q1 with the board declaring a special cash dividend of $0.60 a share payable Jan. 31 to investors of record Jan. 14, the company said.