I fixed it by adding an empty properties element to the ARM template:
{
"$schema": "https://schema.management.azure.com/schemas/2015-01-01/deploymentTemplate.json#",
"contentVersion": "1.0.0.0",
"parameters": {},
"resources": [
{
"type": "Microsoft.ApiManagement/service/products/apis",
"apiVersion": "2019-01-01",
"name": "apim-id/product-id/api-id",
"properties": {}
}
]
}