Aimco Celebrates Grand Opening of 463-Unit California Community

The company acquired Indigo Apartment Homes in Redwood City last year for $320 million.

Redwood City, Calif.—Aimco recently celebrated the grand opening of Indigo Apartment Homes, a property located in downtown Redwood City, Calif. After partnering with developer PAULS Corp. in the middle of 2016, Aimco, the owner and manager of Indigo, acquired the community for $320 million.

The Indigo Apartment Homes in Redwood City, Calif.

The Indigo Apartment Homes in Redwood City, Calif.

Situated on a 2-acre site at 675 Bradford St., the 463-unit community is approximately 25 miles southeast of San Francisco and on the northern edge of Silicon Valley, with easy access via CalTrain and adjoining freeways. Indigo Apartment Homes is in close proximity to a plethora of restaurants, entertainment venues and cultural options, as well as to the growing community of technology related jobs. According to Yardi Matrix data, the community includes 10,500 square feet of retail space.

“We are thrilled to mark the grand opening of Indigo and its expansion of Aimco’s investment in the Bay area. Our Indigo residents take advantage of their outstanding location close to public transportation, major employers and a host of recreational opportunities within walking distance, and enjoy all of the comforts of upscale apartment living,” said John Bezzant, Aimco’s CIO, in a prepared statement.

Indigo is a 10-story luxury community that incorporates 44 outfitted penthouse units with exclusive 10th floor access. All other apartments feature high ceilings, hardwood flooring, oversized windows and contemporary kitchens with designer hardwood cabinetry. Amenities include 599 parking spaces, an 18,000-square-foot sundeck with a saltwater swimming pool, an outdoor workout space and spa with an adjacent indoor fitness center and a yoga and spin studio. The three-building property also has an open-air cabana lounge with a fireplace and an outdoor theater.

Currently, the Bay Area community is 80 percent leased.

Image courtesy of Yardi Matrix