AIMCO to Buy Redwood City Apartment Complex For $320MM
Source news.theregistrysf.com | Re-Post MNM Partners, LLC 8/9/2016
Denver-based Apartment Investment and Management Company has inked an agreement to be the buyer of the 463-unit Indigo apartment community located at 525 Middlefield Road in Redwood City. This is according to a public document that was part of the AIMCO’s second quarter 2016 earnings report.
The apartment REIT did not respond to several phone calls seeking comment for this story.
The buyer is planning to close on the acquisition once the construction of the asset has been completed. This is projected to occur by the end of the third quarter. AIMCO has leased 18 percent of the apartment homes at this point and rental rates are coming in at a rate that is higher than what the investor had underwritten in the transaction pro-forma. The first move-ins for the complex occurred at the beginning of July 2016.