Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) today announced that it completed the acquisition of Indigo in Redwood City, California. The $320 million acquisition was primarily funded with §1031 like-kind exchange proceeds from sales completed earlier this year.[contextly_sidebar id=”5tgkVRfxh3RBkIo1xybXUmQTbBEuIe8C”]Indigo is a newly completed, ten-story luxury community of 416 well-appointed apartment homes featuring high ceilings, hardwood flooring, oversized windows, contemporary kitchens with designer hardwood cabinetry with many apartments accented by private patios or balconies. Indigo also offers 47 penthouse level units with exclusive 10th floor access and upgraded designer finishes.
Indigo’s location within downtown Redwood City is approximately 25 miles southeast of San Francisco and on the northern edge of Silicon Valley, with access to both via Caltrain and adjoining freeways. Downtown Redwood City serves as a focal point of the larger surrounding residential community, with a thriving restaurant, entertainment, and cultural scene, as well as a growing community of technology related jobs.
“The acquisition of Indigo expands our presence in the Bay Area and the desirable Silicon Valley submarket close to transportation, job centers, SFO and Stanford University,” said Aimco Chief Investment Officer John Bezzant. “Our residents will benefit from Indigo’s convenient location and nearby recreational and entertainment options while enjoying all the comforts of upscale apartment living.”
Indigo offers residents extensive onsite amenities including an 18,000 square foot sundeck with a saltwater swimming pool, outdoor workout space and spa with an adjacent indoor fitness center including a yoga and spin studio. Social gathering spaces include an open air cabana lounge with a fireplace and an outdoor theater.
The first residents moved into their newly constructed homes in July and the community is currently 27% leased.
Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in selected markets in the United States. Aimco is one of the country’s largest owners and operators of apartments, with 192 communities in 22 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV, and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.