Cushman & Wakefield has negotiated the sale of The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community (CCRC) in the Indianapolis suburb of Carmel, one of the wealthiest and fastest-growing cities in the Midwest.
The Tampa-based Cushman & Wakefield Senior Housing team of Allen McMurtry, David Kliewer and Paul Carr represented an affiliate of Addison, Texas-based Senior Quality Lifestyles Corporation (SQLC) in the disposition. Prairie Landing Community, Inc., an affiliate of Indianapolis-based BHI Senior Living, acquired the asset for $61 million ($228,464 per unit) through a bankruptcy sale process.
The Barrington of Carmel is a ±372,000-square-foot campus comprising 137 independent living apartments, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. Independent living units average ±1,095 square feet. As part of the sale, the buyer will honor the obligations of the residents’ life care contracts.
The property is a trophy asset featuring high-end interior finishes, interconnected buildings, main and private dining rooms, a café, a salon, a fitness center, multiple activity rooms, underground parking, a natural wooded setting and walking trails.
The Barrington of Carmel was developed in 2013 on a ±19.5-acre site at 1335 South Guilford Rd.. The site can accommodate the development of up to 25 additional independent living units and a pool.
“The Barrington is a Class A campus situated in one of the most desirable submarkets in the Midwest,” said Kliewer. “BHI Senior Living was uniquely positioned to acquire the property due to their deep knowledge of the market and experience with the entrance fee CCRC operating model.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.