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Quail Run Apartments in Zionsville changes hands

IBJ Staff
June 29, 2011
Keywords
Apartments, Boone County, Buckingham Cos., Commercial Real Estate, Property Management, Real Estate & Retail, Regional News, Residential Real Estate, Zionsville
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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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  • Don't rent here!
    privateJanuary 18, 2012 1:30 AM
    New management is terrible! As soon as current renters leases were up a large increase was made to the new lease. One family was told it would be $110 dollars a month more and had to move out. Multiple other families are moving out for the same reason. Lies were told that the new exercise room would be free, then we would get a refundable deposit now no refund is offered. The new owners do not care about the tenants they just care about making money. The previous owners and staff were really wonderful and are greatly missed in the complex. Beware! Watch out for lies from new management.
    Reply to CommentFlag Comment
  • High-priced dump
    JBNovember 1, 2011 2:38 PM
    We looked at the complex a couple of years ago. Summary: Overpriced and decrepit. Seemed dated, in overall poor structural condition, and the fact that it's changed hands a couple of times indicates that it's an investment hot potato.
    Reply to CommentFlag Comment
  • Quail Run
    JLJune 29, 2011 7:27 PM
    Not only did it get bought out. Now all of a sudden, there are all new employees running the place here. We miss the main lady!
    Reply to CommentFlag Comment

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  1. City-County Councilor Angela Mansfield and Bob Lutz have a case of wishful thinking.

    They obviously don't really care about the cost.

    They should.

    Extending Federal Benefits to Same-Sex Couples Will Cost $898M, CBO Says

    http://www.foxnews.com/politics/2009/12/22/extending-federal-benefits-sex-couples-cost-m-cbo-says/

  2. Brett, be careful what you lie about, the truth always comes out.

    "IMS's George Honored: Tony George, Indianapolis Motor Speedway president and chief executive officer, received the inaugural Pioneering and Innovation Award at the Autosport Awards Dec. 5 in London for his leadership in the development of the Steel and Foam Energy Reduction (SAFER) Barrier. George received the award at the annual gala at the Grosvenor House on behalf of the creators of the SAFER Barrier from Prince Salman Bin Hamad Al Khalifa, the leader of the Bahrain International Grand Prix circuit. This is the fourth major award that has been presented to honor George and the SAFER Barrier development team. The SAFER Barrier also received the Louis Schwitzer Award, SEMA Motorsports Engineering Award and GM Racing Pioneer Award in 2002. The SAFER Barrier was installed in all four turns of the Indianapolis Motor Speedway a pioneer in safety for drivers, cars and tracks -- in time for the 86th Indianapolis 500 in 2002. It since has been installed at more than a dozen other tracks, and the latest iteration will be installed at the Speedway in the spring.(IMS PR), see more on my Indy Track News page.(12-7-2004)"

    As far as the cart safety team, I cannot find anything on its date of creation. The Delphi Safety team was created in 1996. For some reason there is not much info out there on defunct racing series.

  3. Great article Anthony. Glad IMS is finally being run like a business and not a personal check book to finance the "Vision".

    Things are looking up but 15 years of scorched earth won't be fixed overnight. Unfortunately the TV ratings are still poor and that won't change anytime soon with the brilliant 10 year contract signed under the former regime.

  4. Brett not sure why you wonder what he said in his quote. "''I would like to jump in a time machine, go back to 1995, and tell the owners and Tony George not to split,'' Franchitti said. ''As soon as my time machine is done, I know where I'm going.''"

    Pretty clear, he would love to go back and tell TG and the team owners not to split.

    I am not sure there is anyone who wanted the split, and I don't think there is anyone who would not like to go back and prevent the split. But, as has been discussed ad nauseum, without the split carts management by team owners would have run all of ow racing into bankruptcy. If cart had such a wonderful product, then losing IMS would not have forced it into bankruptcy. If NASCAR lost Daytona or Charlotte, it would not fail like cart did.

    Truth,

    So you predicted that cart would go into bankruptcy and cease to exist while Indycar would continue on? I missed that prediction.

  5. I want to live in a city that has a garage structure to be proud of for it's innovating design!

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