Prairie Landing Community, an affiliate of Indianapolis-based BHI Senior Living, has acquired The Barrington of Carmel, a 267-unit entrance-fee continuing care retirement community in Carmel, IN, from Addison, TX-based Senior Quality Lifestyles Corp. for $61 million ($228,464 per unit) through a bankruptcy sale process.
As part of the sale, the buyer will honor the obligations of the residents’ life care contracts.
The Tampa, FL-based senior housing team of Allen McMurtry, David Kliewer and Paul Carr of global real estate services firm Cushman & Wakefield negotiated the sale, representing SQLC.
“The Barrington is a Class A campus situated in one of the most desirable submarkets in the Midwest,” Kliewer said. “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 approximately 372,000-square-foot campus of buildings includes 137 independent living apartments, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. The property also includes main and private dining rooms, a café, a salon, a fitness center, multiple activity rooms and underground parking.
The Barrington of Carmel was developed in 2013 on a site that is approximately 19.5 acres and has a natural wooded setting and walking trails. The site can accommodate the development of up to 25 additional independent living units and a pool, according to Cushman & Wakefield.
The Barrington as well as The Buckingham in Houston were not part of an affiliation agreement between Lifespace and SQLC that in June saw Lifespace become the sole owner and operator of three former SQLC communities — Edgemere in Dallas, The Stayton at Museum Way in Fort Worth, TX, and Querencia at Barton Creek in Austin, TX — and SQLC’s management company, Seniority. SQLC continued to manage The Barrington until a new owner was identified. Greystone began managing The Buckingham, where a new, independent board of directors was appointed.