Indigo Bloomington MN Property Analysis

Indigo Bloomington MN can you tell me about this property the rents in the market as well as the tenants here

5:54 PM

Indigo Apartments – 8001 33rd Ave S, Bloomington, MN 55425

Bottom line: Indigo is the strongest asset in a soft submarket. It is 97.7% occupied, about 4 points above Bloomington-east. Its asking rents are about 18% above the submarket average and still rising, while rents on new leases nearby are flat to falling. The tenants are well-paid single professionals with little saved wealth. Rent is easy for them to afford today, but they are also likely to leave if rents jump.

The property

Physical: 395 units in one six-story mid-rise built in 2015 . Units average 853 SF . It sits next to the Bloomington Central Station Blue Line stop and close to MSP Airport and the Mall of America. Lennar developed it as a $64.2M transit-oriented project .
Ownership and management: The title holder is LMC Bloomington Holdings LLC, Lennar's apartment arm . The property website says Timberland Partners now manages it , so management has changed since Lennar ran it.
Amenities: Rooftop deck, outdoor pool, coworking space, a garage, a dog park and pet wash. Units have in-unit washers and dryers and stone counters . The rest of the submarket is mostly older stock, so this is a newer, nicer building than most of its competition.
Operations: Occupancy is 97.7% versus 93.7% for the submarket . Units lease in a median 61 days versus 83 for the submarket . About 72% of tenants renewed over the last 12 months . Operating expenses run at about 43% of revenue, which is within the normal range .

Rents vs. the market

Rent Comparison: Indigo Apartments vs. Bloomington - east vs. ZIP 55425

Metric
Avg asking rent	$1,9171	$1,627	$1,721
Avg in-place rent	$1,720	$1,552	$1,656
Studio asking rent	$1,405	$1,340	$1,346
Studio in-place rent	$1,380	$1,313	$1,335
1BR asking rent	$1,597	$1,530	$1,645
1BR in-place rent	$1,579	$1,448	$1,555
2BR asking rent	$2,262	$2,018	$2,175
2BR in-place rent	$2,058	$1,822	$2,007
3BR asking rent	$2,729	$3,058	$3,058
3BR in-place rent	$2,332	$2,440	$2,420
Occupancy	97.7%	93.7%	93.7%
12-mo asking rent change (median)	4.23%	1.55%	1.02%
12-mo in-place rent change (median)	1.27%	1.59%	0.13%
New-lease tradeout %	—	-0.09%	-1.66%
Median days on market	61	83	89
Retention rate	72.2%	70.2%	71.2%

Indigo charges more than the market: About $1,917 asking and $1,720 in-place on average , versus about $1,627 asking for the submarket . That is roughly 18% above the submarket and 11% above the ZIP on asking rent, and 11% above the submarket on in-place rent .
The premium is mostly in the 2-bedrooms. Indigo's 2BR asking rents are about 12% above the submarket, and asking is about 10% above what current 2BR tenants pay . Its 3BRs ask about 11% less than the submarket. There are only a few 3BRs, so that number is noisy.
Indigo is raising asking rents while the market isn't. Indigo's asking rents are up 4.2% over 12 months versus 1.6% for the submarket . In-place rents rose only 1.3% . New leases in the ZIP are signing about 1.7% below the prior rent, and the submarket is roughly flat . The gap between Indigo's asking rents and what tenants actually pay could show either:
- room to raise rents, or
- asking rents that are getting ahead of what the market will accept.
The fast leasing and high occupancy suggest it is the first, for now.

Who lives here

Higher income than the area. Median household income is about $111K , and 59% of households earn $100K–$150K . That compares with about $76K for renters across the ZIP . Rent takes only about 17% of income , so tenants are not stretched.
Young, single and mostly female. 80% are single , 62.5% are women , and the average head of household is 38 .
Good incomes, little saved. 53% have a net worth under $25K . These look like early-career professionals rather than wealthy renters. Their income can handle higher rents, but they aren't tied down. Renewals depend on the building staying a better deal than the alternatives, not on tenants being unable to move.
Lifestyle profile. The consumer data points to people who are always online and use digital wallets. They ride the train to work , own pets , carry student loans , eat out for Japanese food and like trying new food. This matches what the building offers: the transit location, pet amenities and coworking space are directly relevant to them.
Credit risk, using ZIP data. Indigo has no property-level credit data, so this uses ZIP 55425 instead. The ZIP's average FICO is 708, which is fine . But the share of accounts past due rose 4.1 points over the past year . That is an early sign of stress nearby, even though Indigo's higher earners likely sit above the ZIP average.

Main risk: Indigo is pricing for growth in a submarket where new-lease rents are falling. Before underwriting more rent growth, watch whether the 2BR asking rents actually turn into signed leases.

Show me the rent trends over time

6:06 PM

Command

30 lines

mkdir -p extracts && cp tool-outputs/indigo_rent_ts.json tool-outputs/submarket_rent_ts.json tool-outputs/zip_rent_ts.json extracts/ && cat > scripts/indigo_rent_trends.py <<'EOF'
# Monthly rent trend: Indigo vs Bloomington-east submarket vs ZIP 55425 (RealAI Rent Index, MONTH)
import json
def load(f):
    d=json.load(open(f'extracts/{f}'))['data']
    return {r['mf_rent_ts']['period_start_date'][:7]:r['mf_rent_ts'] for r in d}
P,S,Z=load('indigo_rent_ts.json'),load('submarket_rent_ts.json'),load('zip_rent_ts.json')
f=lambda v,fmt="{:,.0f}": "" if v is None else fmt.format(v)
print("month | IndigoAsk IndigoInPl Occ Leases Tradeout | SubAsk SubInPl SubOcc SubTO | ZipAsk ZipInPl ZipTO")
for m in sorted(P):
    p,s,z=P[m],S.get(m,{}),Z.get(m,{})
    print(m,"|",f(p['asking_rent_latest_avg']),f(p['in_place_rent_latest_avg']),f(p['occupancy_latest'],"{:.1%}"),p['num_leases_signed'],f(p['tradeout_new_lease_pct_avg'],"{:+.1%}"),"|",
          f(s.get('asking_rent_latest_avg')),f(s.get('in_place_rent_latest_avg')),f(s.get('occupancy_latest'),"{:.1%}"),f(s.get('tradeout_new_lease_pct_avg'),"{:+.1%}"),"|",
          f(z.get('asking_rent_latest_avg')),f(z.get('in_place_rent_latest_avg')),f(z.get('tradeout_new_lease_pct_avg'),"{:+.1%}"))
ms=sorted(P); first,last=ms[0],ms[-1]
def chg(D,k,a,b): 
    return (D[b][k]/D[a][k]-1) if D[a].get(k) and D[b].get(k) else None
print("\nWindow",first,"->",last)
for name,D in [("Indigo",P),("Submarket",S),("ZIP",Z)]:
    for k in ['asking_rent_latest_avg','in_place_rent_latest_avg']:
        c=chg(D,k,first,last); c12=chg(D,k,ms[-13],last)
        print(name,k,"total",f(c,"{:+.1%}"),"| last 12m",f(c12,"{:+.1%}"))
# in-place premium over submarket at start vs end
for m in [first,ms[-13],last]:
    print("Indigo in-place premium vs submarket",m,f(P[m]['in_place_rent_latest_avg']/S[m]['in_place_rent_latest_avg']-1,"{:+.1%}"))
t=[P[m]['tradeout_new_lease_pct_avg'] for m in ms[-12:] if P[m]['tradeout_new_lease_pct_avg'] is not None]
ts=[S[m]['tradeout_new_lease_pct_avg'] for m in ms[-12:] if S[m].get('tradeout_new_lease_pct_avg') is not None]
print("Avg monthly tradeout last 12m: Indigo",f(sum(t)/len(t),"{:+.1%}"),"n",len(t),"| Submarket",f(sum(ts)/len(ts),"{:+.1%}"))
EOF
python3 scripts/indigo_rent_trends.py

Indigo vs. Bloomington-East: Asking and In-Place Rent

New-Lease Tradeout: Indigo vs. Submarket

Indigo rent trends

Bottom line: For about a year, Indigo's rents moved with the market. Since spring 2026 they have pulled ahead. Asking rent is up 21% from its August 2025 low of $1,594 to $1,935 . New leases are now signing about 7% above what the previous tenant paid, while the submarket is flat . In-place rent has barely moved, up 1.1% over 12 months . So the increase so far is only in new leases. It hasn't spread through the rent roll yet.

How it played out

Nov 2024 – Aug 2025: falling with the market. Indigo's asking rent fell along with the submarket's. Over the full period, submarket asking rent is down 11% , while in-place rent is up 7% . Bloomington-east is still offering lower rents to attract new tenants.
Jun 2025 – Mar 2026: flat. New leases at Indigo signed about 1% below the previous rent .
Apr 2026 onward: rents re-priced. Indigo's asking rent went from roughly even with the submarket a year ago to about 19% above it . Occupancy stayed around 97% , so the higher rents aren't costing it tenants.

What this changes from my last answer

I need to correct one point. I said the risk was asking rents that might not convert to signed leases. The monthly data shows they are converting. Since April, new leases have signed above the prior rent every month.
Watch whether this lasts. Renewals will need to follow before in-place rents rise. Indigo's in-place premium over the submarket has narrowed, from 13.5% in Nov 2024 to 10.8% now . That will reverse only if the new-lease increases hold.

Data caveats

Indigo's monthly data starts in Nov 2024.
Only about 10–15 leases are signed a month , so a single month's average can swing on which units happen to lease.
Last time I gave Indigo's 12-month asking change as 4.2%. That was a median taken from the snapshot data. The roughly 20% here is a monthly average measured from close to the low point. Both figures point the same way: up.