Historic Apartment Building in Indianapolis Changes Hands

Buckingham Cos. purchased the Janus Lofts at 240 S. Meridian St. from Connecticut-based Silver Point Capital.

Indianapolis–Local developer Buckingham Cos. has acquired the five-story Janus Lofts building at 240 S. Meridian St. from Connecticut-based Silver Point Capital.

Janus Lofts at 240 S. Meridian St. in Indianapolis

Janus Lofts at 240 S. Meridian St. in Indianapolis

The historic 35,640-square-foot apartment building consists of 23 residential units, an underground parking garage and three commercial spaces.

The local office of Colliers International, which announced the deal on behalf of the seller, began accepting offers on the building for about a month, or until Oct. 1.

The property dates back to 1914, when it was developed for the Fahnley & McCrea Millinery Co., which had operated at the same address until 1905, when a fire destroyed the original structure. Later in 2003, the building was converted into apartments and street-level commercial space. Marion County property records show that in December 2014, Silver Point Capital purchased the mortgage for the asset from lender PNC Bank.

With this purchase, Janus Lofts joins Buckingham’s Urban Living portfolio, a unique collection of urban apartment and retail buildings throughout downtown Indianapolis. Buckingham, a prominent real estate presence in the city, also developed the CityWay downtown project, which includes a business hotel, high-end apartments, restaurants, retail shops and a state of the art YMCA.

The Colliers International sales team representing the seller was led by Amy Burmeister, a multifamily advisory senior vice president.

Image courtesy of Colliers International