Cushman & Wakefield has negotiated the sale of The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community 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 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 more-than-72,000-square-foot campus of 137 independent living apartments, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. Independent living units average about 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 Road. The site can accommodate the development of up to 25 additional independent living units and a pool.
