Buckingham Cos. Buys Value-Add Asset in Indianapolis
- Aug 08, 2016
Built in 1966, the 144-unit community is located on Ditch Road north of West 86th Street, within walking distance to restaurants including Applebee’s, The Original Pancake House and Boston Market. The property is also in close proximity to St. Vincent Hospital and Daubenspeck Community Nature Park.
Barrington Estates features stately Georgian architecture and all red brick exteriors, as well as a variety of amenities, including a pool, fitness center, laundry facilities, garage, carport and playground.
Tikijian Associates represented the seller, Barrington Estates LP and the property management company, Kansas City-based Maxus Properties Inc. Founded in 1987, Maxus manages more than 12,500 apartment units as well as almost 500,000 square feet of commercial space in 14 states.
The buyer is Indianapolis-based Buckingham Cos. Buckingham is a full-service real estate firm specializing in the development, construction and management of mixed-use, multifamily, commercial and hospitality properties. Buckingham owns and/or manages 48 properties in seven states.
Buckingham has plans for a significant investment in unit upgrades and community amenities, and it will manage the property through its operations division.
Image courtesy of Barrington Estates Apartments