MIAMI-Denver-based Apartment Investment and Management Co. has put Flamingo South Beach Apartments, a 1,688-unit multifamily rental complex along Biscayne Bay, up for sale. Constructed between 1962 and 2004, it consists of three towers and 26 townhouses on 16 acres at 1500 Bay Rd.

"It is the last remaining large-scale condo conversion opportunity here on the beach," says Robert Given, SVP of the South Florida multi-housing team of CB Richard Ellis in Miami. Given, along with EVPs Jay Massirman and Sean Cunningham and senior associate Gerard Yetming, are marketing the asset. "It's attracting worldwide interest," Given tells GlobeSt.com, and adds, "while a condo converter is the most likely buyer, the sale is not limited to condo converters."

Citing a confidentiality agreement with Aimco, he declines to discuss an estimated price tag or other details. On condition of anonymity, an area multifamily specialist tells GlobeSt.com, "if it were a fee simple sale, the property would probably command between about $385,000 to over $400,000 a unit or an overall price in the range of from $650 million to $700 million. However, Aimco wants to retain a ground lease, which will complicate the sale and could lower the overall price."

This source says land leases are rare in South Florida multifamily property sales, but not without precedent, "and this is a very valuable 16 acres for AIMCO to want to retain." He also speculates that condo units in the property, known locally as "the Bird," could sell for $500 per sf or more. Units encompass an aggregate of more than 1.7 million sf and the average unit size is 1,009 sf. Occupancy is about 90%, according to Given. Current published rental rates range from studios beginning at $1,039 a month to three-bedroom units from $2,709 a month. In addition to residential units, the property has 30 marina boat-slips, a 14,000-sf athletic center, two pools and seven levels of structured parking.

Aimco acquired the original two Morton Towers of the complex in 1997 for $53.6 million, according to public records and also acquired adjacent land for $4.4 million. It renovated the existing buildings and completed a third, 33-story tower, along with the townhouses in 2004, adding 513 units to the overall complex.