05:45 PM EDT, 09/15/2025 (MT Newswires) -- Apartment Investment & Management (AIV) said late Friday it closed the sale of four properties in Boston for $490 million.

Part of the proceeds were used to close mortgage loans and repay an outstanding balance on a revolving credit facility, the company said.

The company said its Royal Crest Estate in Boston remains under contract with Harbor Group for $250 million. The deal is expected to close in the next 30 days. Aimco's planned sale of two assets in Miami, Florida, is expected to close in Q4 for $520 million.

If the pending sales are completed, the company will close $1.26 billion of dispositions this year and receive around $785 million of net proceeds after retiring liabilities, according to a statement.

The company declared a special dividend of $2.23 per share, payable Oct. 15 to Holders of Record Sept. 30.