SILVER CAPITAL, MCCANN REALTY ACQUIRE 166-UNIT APT COMMUNITY
ZIONSVILLE, IND. — A joint venture between Richmond, Va.-based McCann Realty Partners and Boca Raton, Fla.-based Silver Capital has acquired Quail Run Apartments, a 166-unit apartment community located in The Indianapolis suburb of Zionsville. Constructed in 1972, the community contains predominantly two-bedroom, 1,200-square-foot townhome apartment units. In the near term, the new owners plan to complete a three-year capital improvements program that will include new amenities and upgraded unit interiors. The purchased was funded in part by a 10-year Fannie Mae loan carrying a 5.29 percent fixed interest rate. The seller's name and the sale price were not released.