Aimco Finalizes Acquisition of Luxury Apartment Community in Redwood City
August 17 2016 - 7:30AM
Business Wire
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.
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.
About Aimco
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160817005272/en/
AimcoInvestor Relations, 303-793-4661Investor@aimco.comorValerie
Kimball, 303-793-4645Director, Investor Relations
Apartment Investment and... (NYSE:AIV)
Historical Stock Chart
From Apr 2024 to May 2024
Apartment Investment and... (NYSE:AIV)
Historical Stock Chart
From May 2023 to May 2024