Suburban Indianapolis Property Sells for $61M
- Sep 13, 2019
An affiliate of Senior Quality Lifestyles Corp. has sold The Barrington of Carmel, an entrance-fee continuing care retirement community, in Indianapolis for $61 million, or $228,464 per unit. Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield’s represented the seller.
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BHI Senior Living affiliate Prairie Landing Community Inc. purchased the 267-unit senior housing property through a bankruptcy sale process. Located at 1335 S. Guilford Road on nearly 20 acres, the asset spans across 372,000 square feet and includes 137 independent living apartments, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. The Barrington of Carmel was developed in 2013 and features:
- dining rooms
- fitness center
- multiple activity rooms
- underground parking
- natural wooded setting
- walking trails
As part of the sale, the buyer will honor the obligations of the residents’ life care contracts. Furthermore, the site can accommodate the development of up to 25 additional independent living units and a swimming pool.
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