BAM acquires Fountain Parc Apartments in Indianapolis
Indianapolis–March, 2018– Barratt Asset Management has acquired Fountain Parc Apartments, a 241-unit, garden style community located in Indianapolis. The apartment community is ideally located in the Washington Township submarket, on the north side of the city. The property is in very close proximity to Broad Ripple, Castleton, Keystone at the Crossing and a short drive to Downtown Indy and the employment corridors to the Northeast. The seller was represented by Tikijian Associates.
“We have been actively working to acquire another large apartment asset in Indy for a while now, and it’s exciting to see the team get one done in our own backyard. The former owners took excellent care of the asset over the years yet Fountain Parc will still benefit from an extensive upgrade plan,” explained Adam Ehret, President and COO.
“We are going to bring the property into the 21st century with a $2 million renovation,” said Ivan Barratt, Founder & CEO. “The team is building a new clubhouse, upgrading the fitness center and playground, and renovating all the units. We couldn’t be more excited to see this transformation over the next 18-24 months.” With the addition of Fountain Parc, BAM’s total units acquired in the last 12-months is 1,410. For more information about BAM visit: www.barrattassetmanagement.com.
Barratt Asset Management Barratt Asset Management is headquartered in Indianapolis, IN, and was formed in July 2010. BAM specializes in the acquisition, repositioning and management of multifamily apartment communities. BAM provides an array of real estate services, utilizing the knowledge and strengths of its employees and local market expertise to achieve maximum benefit for community residents as well as investors. From humble beginnings, BAM has grown from the management of a few small properties to over 150 million in total assets under management and ownership.
With a mindset of steady and deliberate growth the company continues to expand its portfolio. The team is comprised of over fifty employees with many decades of experience in apartment management and ownership. Further, the company strives to execute best practices in leasing, marketing, back-office infrastructure, technology, timely service, renovations, maintenance and valuable outside vendor relationships. BAM continuously strives to perform at a high level for its own portfolio as well as its third party property management clients.