August 5, 2016
Denver-based Apartment Investment and Management Company (AIMCO) agreed to acquire Indigo, a 463-unit apartment community currently under construction in downtown Redwood City, CA for $320 million. The transaction with Denver-based Pauls Corporation is expected to close upon completion of construction, slated for Q3 2016.
Through June of this year, AIMCO leased 18% of the apartment homes and reported during its second quarter earnings that rental rates are above underwriting. Move-ins commenced on July 1st.
Pauls Corp. is building the project, along with equity partner Mount Kellett Capital Management. The development cost was $187 million. CBRE’s Capital Markets’ debt and structured finance team arranged a $121-million construction loan from Wells Fargo.
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