Summit Equity Investments Buys IN Senior Housing
Whitmore Investments and Paragus Cos. traded the 66-unit property located in Brownsburg. Tikijian Associates represented the joint venture in the transaction.
Summit Equity Investments has acquired Bailey Park of Brownsburg Apartments, a 66-unit Class A independent living senior community in Brownsburg, Ind. Tikijian Associates represented the seller, a joint venture of Whitmore Investments and Paragus Cos. H-I Management will continue to manage the property, which marks Summit Equity Investments’ fourth acquisition in Indianapolis.
Situated at 7774 Bedford Court, just off Interstate 74 and Freeway 267, the community is a 16-mile drive from downtown Indianapolis. The property is roughly 5 minutes from Brownsburg Parks & Recreation.
Constructed in 2015, the 11-building Bailey Park occupies 14.3 acres and comprises one- and two-bedroom units, averaging 1,010 square feet, according to Yardi Matrix. Additionally, the units are ground level and feature garages, private entry and balcony or patio. Communal area amenities include controlled access, fitness center and 150 parking spaces.
In June, Tikijian Associates also brokered the sale of The Cottages of Fall Creek, a 753-unit community located in Northeast Indianapolis.
Image courtesy of Tikijian Associates