Tikijian Associates closed the sale of Bailey Park of Brownsburg Apartments, a 66-unit Class-A independent living seniors apartment community. It is located in Brownsburg, Indiana, just west of Indianapolis.
Tikijian Associates represented the seller, a joint venture of Whitmore Investments and Indianapolis-based developer Paragus. The seller completed construction of Bailey Park of Brownsburg in 2015. The community is designed for residents 55 and older, and features spacious ground-level units, each with an attached garage.
The buyer was an affiliate of Summit Equity Investments, Inc., based in Los Angeles. The acquisition was Summit’s fourth in Indianapolis.
H-I Management, a management company based in Indianapolis that managed the property for the seller, has been retained by the new owner to continue management.