Aimco avoided paying about $5.5 million in state and county taxes on its record $520 million sale of a Brickell development site by not recording a deed for the transaction, according to the South Florida Business Journal. This method allowed the Denver-based real estate investment trust to bypass approximately $3.12 million in Florida documentary stamp taxes and $2.34 million in Miami-Dade County surtax, both of which are primarily used to fund affordable housing.
The seller reportedly insisted on structuring the deal without a recorded deed, which is legal but not commonly used for transactions of this size. The South Florida Business Journal calculated the tax amounts based on current rates.
Aimco, led by Wes Powell, did not respond to requests for comment from the publication.
In November, Aimco announced plans for voluntary dissolution due to a slowdown in the multifamily market. Over the past year, it has been selling off assets and listed its Brickell assemblage for about $650 million earlier in 2024.
Last month, OKO Group—headed by Vlad Doronin—and Oak Row Equities purchased the properties at 1001 and 1111 Brickell Bay Drive from Aimco. Mariposa Real Estate, linked to Mariposa Capital’s Franklin family, also participated in the acquisition. The buyers secured a $464.5 million loan from Tyko Capital for the purchase. Loan documents filed with Miami-Dade County show that Oak Row’s Erik Rutter signed on behalf of entities that previously belonged to Aimco.
This structure indicates that ownership was transferred through interests in limited liability companies rather than through a direct property sale with a new deed—a practice seen occasionally but rarely at this scale in South Florida.
The sale marks the largest urban land site transaction in South Florida history and possibly statewide.
OKO Group and Oak Row plan to build a hotel and branded condominiums as part of their initial phase on the site, which currently includes two income-producing buildings but could eventually support multiple supertall towers totaling more than three million square feet.
