Sunrise Affordable Housing Group has acquired the Indigo, a Clearwater apartment complex, for $25.5 million. Under the new ownership, it will return to affordable housing.
Once known as Prospect Towers, the circa 1971 complex at 801 Chestnut Street offered affordable housing for senior citizens for half a century.
Sunrise Affordable, which has offices in Palm Beach, Florida and Toronto, Canada, received approvals for the $51 million project by the City of Clearwater in September 2024.
The 17-story complex was purchased in 2020 by Covenant Capital Group of Nashville, Tennessee, which decided to rename the complex and bring a majority of its 208 units to market rate. Additionally, the age minimum was removed…