US - Jacksonville, FL
Jones Lang LaSalle Americas, Inc. is pleased to present The Indigo (the “Property”) a landmark high-rise in the heart of burgeoning Downtown Clearwater offering dazzling views of the Gulf of Mexico and immediate access to the famed white sand beaches of Clearwater Beach. Rising 17 stories high and spanning 208 studio and one-bedroom units, the Property was constructed in 1971 and had historically been operated as a 55+ active adult community. Upon acquiring the Property in 2020, current ownership embarked upon a complete transformation to fully reimagine the common areas and modernize the units. With $3.25M ($15,275 per unit) spent on capital improvements over the past two years, the Property represents a rare opportunity to acquire a turnkey, like-new asset that is poised to capitalize on the ongoing revitalization of Downtown Clearwater and the nation-leading growth of the greater Tampa Bay area.
The Property’s strategic location within Downtown Clearwater offers residents an unmatched quality of life. Rated as both “Very Walkable” and “Very Bikeable” by WalkScore.com, the Property provides immediate access to a Publix grocery store, a growing number of restaurants, cafes, and nightlife destinations, as well as 3 million square feet of office space home to emerging tech startups like KnowBe4, Affinitiv, DocuPhase and VeriFone. Downtown Clearwater’s rapid growth is highlighted by the transformative $500 million waterfront Imagine Clearwater development that will feature a 4,000-seat covered bandshell in Coachman Park, thousands of square feet of space devoted to retail and office with direct access to Clearwater Harbor, and a 150-unit hotel. Moreover, Downtown Clearwater sits just across the Clearwater Memorial Causeway from the world-renowned Clearwater Beach, which ranks as the #1 beach in the U.S. by TripAdvisor and provides dazzling sunset views for the Property’s residents.
High-Rise Living at Affordable Price
Following a complete transformation that saw an investment of $15,727.62/unit to modernize the Property’s common areas and unit interiors, The Indigo offers residents a modern living experience and unmatched views of the Gulf of Mexico while still being at a $936 average discount to competing properties in the immediate submarket.
Premier Downtown Location
Immediate access to highly desirable lifestyle amenities including numerous dining and nightlife options, 3 million sf of office space, the Pinellas Trail, and Clearwater Beach, one of the Top 10 beaches in the world. (TripAdvisor)
Exciting Market Fundamentals
In recent years, the Tampa Bay market has realized both outsized job and population growth at a pace nearly twice the national average. This rapid expansion has fueled the region’s demand for housing and translated to strong performance in the multi-housing sector.