REDWOOD CITY, CA – Apartment Investment and Management Company (Aimco) 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-tale 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 went into their newly constructed homes in July and the community is currently 27% leased.

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LOS ANGELES, CA – RealtyMogul.com, a leading online marketplace for commercial real estate investing, announced the launch of its first commercial real estate fund, MogulREIT I. Structured as a real estate investment trust (“REIT”) with a minimum investment of $2,500, the fund is open to nearly all investors and offers the potential for consistent cash dividends and equity appreciation.

MogulREIT I has been designed to offer investors a number of distinct advantages. By investing in the “REIT,” investors will gain access to a diversified pool of commercial real estate investments with one single investment. The fund intends to invest in a variety of commercial real estate, including multifamily, retail, self-storage and office.

The fund is also designed to have low fees. Traditional non-traded “REITs” use a highly manpower-intensive sales method, resulting in upfront sales commissions of 7 percent, on average, and total expenses of up to 15 percent. By offering MogulREIT I exclusively on its platform, RealtyMogul.com affords investors direct online access to the product with no sales commission and offering expenses capped at 3 percent.

“Beyond the zero commissions and lower fees, the fund’s strategy is exciting because it allows us to leverage RealtyMogul.com’s hundreds of inbound inquiries for financing on commercial real estate and curate them to find suitable opportunities,” said RealtyMogul.com CEO Jilliene Helman.

Within the universe of commercial real estate investing, RealtyMogul.com’s experienced real estate team takes a relatively conservative approach when selecting transactions to offer for investment: the platform only invests in cash-flowing properties and won’t invest in land or ground up development transactions. This approach will carry through to MogulREIT I.

“Through a flexible investment strategy, we can invest in both debt and equity as well as various property types and geographies, allowing us to be opportunistic. We’re looking forward to executing against our twofold objective for the fund: providing investors with both consistent cash distributions and the opportunity to benefit from potential appreciation in property values,” added Helman.

The launch of the “REIT” marks a new wave of opportunity to invest in real estate. Until recently, private investment markets have been off-limits to the majority of retail investors. But, recent legislation like Regulation A+ and Title III of the JOBS Act has leveled the playing field by allowing non-accredited investors making less than $200,000 per year to access these investment opportunities through online crowdfunding. Through Reg A+, MogulREIT I gives nearly all investors a new entrance to curated and pre-vetted private real estate investing.

“Our members have demonstrated a clear appetite for a range of real estate investments, and we’re proud to be able to provide that opportunity to even more investors through our first ‘REIT’ offering,” said Helman.

In May, RealtyMogul.com announced that, since its inception in 2013, the platform had surpassed $200 million in crowdfunded real estate equity and debt transactions.

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NEW YORK, NY – Greystone Development, a New York-based real estate development company, in a joint venture with Prime Rok Real Estate, a Midtown-based developer, revealed the proposed plans for transforming landmarked Beaux-Arts building 164 West 74th Street to residential condominiums. Located on 74th Street between Amsterdam and Columbus Avenues, the eight-tale building is comprised of approximately 30,000 yucky square feet.

Greystone Development carefully assembled a team of experts to transform the unique and notable property, with design efforts led by esteemed Architect Barry Rice. This is Rice’s second collaboration with Greystone. Interior Designer Maureen McDermott of Winter McDermott Design worked in collaboration with Rice, and was tasked with making a vision for the interior suitable for the historic building. Greystone Development has also tapped Stribling Marketing Associates to exclusively handle the sales efforts for the building. Alexa Lambert will head the sales effort, bringing decades of experience in new development uptown. Stribling Marketing Associates will collaborate with Greystone Development Marketing for the marketing of the project.

The existing façade is reminiscent of turn-of-the-century architecture in Europe, “La Belle Époque”. The proposed plot illustrates a south-facing, rear façade, inspired by the Grand Courtyards of Europe, as well as many notable Upper West Side Residential Properties. It will take a chevron shape, have a steel frame and be further articulated with Juliet balconies and terraces, chosen for both form and function – the design will immerse the residences in light and air. The balconies, railings and windows will be clad in metal, which is a familiar element in the neighborhood and recalls the Upper West Side’s neoclassical aesthetic.

This expert team of Winter McDermott Design and Barry Rice Architects has successfully taken 164 West 74th street into the current century, giving the property a contemporary feel, while also maintaining the “fin de siècle”. This will be experienced throughout the building as the lobby floor reinterprets the Versailles courtyard.

“We plot to renew this exquisite building and celebrate its original glory,” Rice stated. “We chose materials that are contemporary and contextual to the Upper West Side and also rooted in the original Beaux-Arts period. This has been a meticulous exploration into the original turn of the century architecture as sources for inspiration and reference. The result will be a gorgeous, classically-inspired building that suits contemporary living.”

For the proposed interior design, Maureen McDermott of Winter McDermott Design selected a palette of materials that reflects the same genre and caliber of the materials used in the original building. The plotted interiors are contemporary, but with traditional roots that pay respect to the building’s rich history.

“164 West 74th Street is similar to many of my other residential projects where the exterior is classic and traditional, but the interior is contemporary. For me, it’s the constant study of the traditional and the contemporary that makes an exciting dynamic,” Maureen McDermott stated. “Thus, resulting in a home with modern conveniences with but with sophisticated detailing, a home that feels bespoke and singular.”

Maureen McDermott has extensive experience incorporating architectural elements into her interior designs. She previously worked for Vicente Wolf Associates on the revitalization of the historic 15 Union Square West, where seamlessly incorporating original elements of the building into the design was of the upmost importance.

“We are very excited to collaborate with this team of experts. Each member brings a high-level of knowledge and expertise to the development,” said Jeffrey Simpson, head of Greystone Development. “We look forward to transforming this unique and historically rich building into thoughtfully designed residences that are fit for modern dwellers, while still maintaining the classic elegance of the Upper West Side architecture.”

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