San Francisco—Apartment Investment and Management Company (Aimco) has acquired Indigo, a new 10-story luxury community in Redwood City, Calif., for $320 million.
“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,” John Bezzant, Aimco’s chief investment officer, said. “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 consists of 416 apartment homes featuring high ceilings, hardwood flooring, oversized windows, and contemporary kitchens with designer hardwood cabinetry. Many of the apartments include private patios or balconies. The building also offers 47 penthouse level units with exclusive 10th floor access and upgraded designer finishes.
Amenities include an 18,000-square-foot sundeck with a saltwater swimming pool, outdoor workout space and spa with an adjacent indoor fitness center and a yoga and spin studio. There’s also an open air cabana lounge with a fireplace and an outdoor theater.
Located at 675 Bradford St., Indigo 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. The neighborhood includes a thriving restaurant, entertainment, and cultural scene, as well as a growing community of technology related jobs.
The first residents moved in last month and the community is currently 27 percent leased.
The sale was primarily funded with proceeds from 1031 exchange sales completed earlier this year.