Developer Aimco says it continues to quickly lease units at its newly completed apartment complex in Edgewater.
The Hamilton, which includes 276 apartments, was gut renovated by Aimco. Construction was completed in April.
As of July 31, 96% of the building’s units were leased or pre-leased, according to a second quarter report released to investors on August 7.
The building is leasing faster and at higher rates than expected. The report said that rates are more than 20% ahead of underwritten rents, with stabilization now expected in the third quarter 2023, “ahead of prior expectations.”
The company is planning several additional apartment towers across the street, including the 60-story, 649-foot Hamilton House and 43-story, 500-foot One Edgewater.
On July 31, the FAA issued approval for two cranes at One Edgewater. They will rise 601 feet and 562 feet above ground, according to a filing. Approval for cranes rising 757 and 759 feet above ground at the Hamilton House site was issued last year.