Apartments and Commercial Real Estate and Residential Real Estate and Zionsville and Boone County and Property Management and Buckingham Cos. and Regional News and Real Estate & Retail

Quail Run Apartments in Zionsville changes hands

June 29, 2011

The 166-unit Quail Run Apartments in Zionsville has been purchased by Richmond, Va.-based McCann Realty Partners LLC.

The acquisition, completed June 20, was financed by Bethesda, Md.-based Beech Street Capital LLC, which provided a $9.25 million Fannie Mae loan to McCann Realty. The actual purchase price was undisclosed.

McCann Realty also owns the 348-unit Northlake Village complex in Noblesville and the 267-unit Mission Hills Village complex in Greenwood.

Built in 1972, Quail Run will be managed by Indianapolis-based Buckingham Management LLC, a division of Buckingham Cos.

Quail Run Apartments features one- to four-bedroom units, a swimming pool, tennis and basketball courts, clubhouse, covered parking and a playground. Rents range from $640 to $1,600 per month.

McCann said it plans to upgrade the property within the next three years by adding new amenities and redecorating interiors.

Founded in 2004, McCann owns 17 apartment complexes totaling 4,000 units and valued at about $300 million. It also has developed two rental properties in Texas and has another two under construction there.  

The sale of Quail Run marks the second time the apartment complex has changed ownership in the past two years.

In October 2009, Los Angeles-based hedge fund QVT Mount Auburn Capital bought Quail Run from Denver-based Apartment Investment & Management Co.

 

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