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Significant Transactions | 12 Months Ended
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Dec. 31, 2024
Significant Transactions [Abstract] |
Significant Transactions | Note 3 — Significant Transactions Real estate dispositions During the years ended December 31, 2024, 2023, and 2022, we sold properties as summarized below (dollars in thousands):
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Number of properties sold |  | 2 |  |  | 1 |  |  | 4 |
Gain on sale of real estate |  | $ | 10,600 |  |  | $ | 6,138 |  |  | $ | 175,863 |
During the year ended December 31, 2024, we sold a fully renovated waterfront property with 276 units in the Edgewater neighborhood of Miami, Florida, for a gross sales price of $190.0 million and recognized a gain from the sale of $10.6 million. The property was acquired in August 2020. We also sold a majority of our partnership interest in St. George Villas, a small, 40-unit, income-restricted property in South Carolina. As a result, we derecognized the assets and liabilities associated with the property in February 2024. During the year ended December 31, 2023, we sold a land parcel in downtown Fort Lauderdale, for a gross sales price of $31.2 million and recognized a gain from the sale of $6.1 million. The land parcel was purchased in January 2022. In conjunction with this sale, we provided seller financing with a stated value of $21.2 million that was recorded net of $3.8 million of variable consideration. The financing matures at 18 months, with an option to extend for an additional six months. In addition, we recognized a $1.9 million gain from the contribution of real estate to an unconsolidated joint venture. During the year ended December 31, 2022, we sold three operating properties and one land parcel for an aggregate gross sales price of $267.3 million and recognized an aggregate gain from the sales of $175.9 million. Redemptions and purchases of noncontrolling interests In December 2024, we purchased all of the outstanding common noncontrolling interest and redeemed the promoted interest from our development partner in the Upton Place property for a cash purchase price of $20.9 million. We also partially redeemed a preferred equity interest in the Upton Place property for a cash redemption amount of $38.5 million. Aimco continues to consolidate the Upton Place property as of December 31, 2024; therefore, the changes in ownership interest were accounted for as equity transactions. The transactions resulted in reductions of Noncontrolling interests in consolidated real estate partnerships of $9.2 million, Redeemable noncontrolling interests in consolidated real estate partnerships of $38.5 million, Accrued liabilities and other of $1.8 million, and Additional paid-in capital of $9.9 million.

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