RICHMOND, VA, BOCA RATON, FL., and ZIONSVILLE, IN/PRNewswire/ -- Silver Capital -- a division of Silver Companies -- and McCann Realty Partners announced the acquisition of Quail Run Apartments (top left photo) in Zionsville, Indiana.
The price was not disclosed.
The 166-unit, garden-style community located in the affluent northeast submarket of metropolitan Indianapolis was built in 1972 and will be managed by Buckingham Management, LLC of Indianapolis.
Over the next three years the property will be upgraded, including new amenities and redecorated interiors. The acquisition was funded in part by a 10-year Fannie Mae fixed rate loan with a rate of 5.29% originated by Beech Street Capital."We've had success with our other Indianapolis area apartments," said Silver Companies CEO Larry D. Silver. "Quail Run provides us with the opportunity to upgrade and reposition a very well located, older community in one of Indianapolis' best submarkets and to be rewarded for doing it."
"The property has very large floor plans that are surprisingly functional, given when Quail Run was built," said John McCann (middle right photo) of McCann Realty Partners.
"The predominant two bedroom 1,200 square foot townhouse apartment in this location makes Quail Run a unique rental community. We will redecorate the interiors, add amenities and improve the grounds over the next two plus years, as the apartments turn-over, to better position the community to compete over the long-term."
For more information on Silver Companies, visit www.silvercompanies.com
.
For more information on McCann Realty Partners, visit www.mrpapts.com
.
Contact:
Fleet Wallace, McCann Realty (804) 290-8870
Michele Ethridge, Silver Companies (561) 981-5252
No comments:
Post a Comment