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Quail Run Apartments in Zionsville changes hands

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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!
    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.
  • High-priced dump
    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.
  • Quail Run
    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!

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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