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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. So the Mayor adds another non value added layer to having a vehicle towed? Whereby the City Government RECIEVES AN ILLEGAL KICKBACK FROM A LGOISTICS COMPANY THAT SUBS THE WORK TO LOCAL TOW COMPANIES? What is the service the City performs for receiving the "tribute"? This is RICO!!!!! What a corrupt and unnecessary layer. What a dirtbag Mayor and his cronies.

  2. Owner occupied housing. Clear enough?

  3. So people think I am paranoid. It's from experience in dealing with puds requested by developers who make major donations themselves to representatives, have nice fund raisers for those running for office and hide through pac's. then there are the public relation firms. You will note some pr comments below. You there Clyde Lee? My opinion. Commercial along 421, great. Multifamily housing, terrible idea that will change the town. Senior condos or zero lot line homes west, great. I suggest keeping all entries to commercial areas at 421. All entries to owner occupied on sycamore. Will keep the traffic on sycamore down some. Two other things. You can't trust what will be there in 10 years. Steve builds quality stuff, but areas change over time. Look at the changes at the wall mart center at 86th and 421 over the last 10 years. Look at the apartments and neighborhoods behind St Vincent's. Raintree properties WILL decrease in value if commercial and multifamily goes in near. It has already been happening around the bridges area. The houses that have been sold recently are way below market. Several deals not closed due to the Illinois construction and the whole unsurety of the bridges. It's pretty simple, Zionsville will approve the whole thing because the city council has been groomed over a LONG period of time for this. I might even suggest some are in their position as a result of this.

  4. Esta, do you have a dog in this fight? You seem to really want to knock anyone against this project. No, I didn't move to Indiana for the architecture. I moved here for that red barn in the field. The horses and fields of corn. A place that is NOT overdeveloped. There are plenty of nearby places in Indianapolis that could be REDEVELOPED instead.

  5. RKW - OK, we get it, you're paranoid. The question is, are you paranoid enough? Greg - Yes, Pittman(s) is (are) at it again. They are developers, they build things. It's what they do. So when you go to work tomorrow, Greg, you're at it again too. Cliff - Really? You moved to Indiana for its progressive architecture? That's like moving to England for the cuisine. Zionsvillain - The house you moved to was once a field or woods. I'm willing to bet folks were upset when that ground was plowed under and a house was built. But I guess now that you are in, everything should stop? "My house was OK, but the next one is sprawl." SE Guy - Please don't paint us with such a wide brush. Most reasonable Zionsville residents welcome planned, measured development.

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