BHI Senior Living Affiliate Pays $61M for The Barrington of Carmel
The property was sold by Addison, TX-based Senior Quality Lifestyles Corp. The deal calculated out to $228,464-per-unit.
CARMEL, IN— Prairie Landing Community, Inc., an affiliate of Indianapolis-based BHI Senior Living, has acquired The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community in this Indianapolis suburb for $61 million in a bankruptcy sale transaction.
The property was sold by Addison, TX-based Senior Quality Lifestyles Corp. The deal calculated out to $228,464-per-unit.
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 more than 1,095 square feet. As part of the sale, the buyer will honor the obligations of the residents’ life care contracts.
The Tampa-based Cushman & Wakefield Senior Housing team of Allen McMurtry, David Kliewer and Paul Carr represented the seller in the deal.
“The Barrington is a Class A campus situated in one of the most desirable submarkets in the Midwest,” says 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.”
The property features high-end interior finishes, interconnected buildings, main and private dining rooms, a café, a salon, a fitness center, multiple activity rooms, underground parking 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.