IBJNews

Quail Run Apartments in Zionsville changes hands

Back to TopCommentsE-mailPrintBookmark and Share

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.

 

ADVERTISEMENT

  • 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!

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

ADVERTISEMENT