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MIAMI-The old Morton Towers from the 1920s has a new name and face at a prime Miami Beach location at 1500 Bay Road.

Now, says Denver-based owner American Investment and Management Co., the twin-tower, 1,700-unit Flamingo Resort Residence offers a resort-like ambience at competitive market rents.

AIMCO bought and gutted the 1,200 old units at a total renovation cost of $230 million over the past five years. AIMCO also constructed a new 500-unit tower for $150 million or $300,000 per unit.

The developer has rented 90% of the completed units at monthly rents of $850 for 500-sf studio apartments to $4,000 for 2,200-sf penthouse units.

“We’ve got something unique because we’ve created a rental living with all the amenities of a resort,” Ken Todd, vice president of AIMCO and general manager at Flamingo, tells GlobeSt.com. “Additionally, we have a premier location.”

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