Buckingham Multifamily Fund I, LP
Buckingham Companies is pleased to announce the closing of Buckingham Multifamily Fund I, LP. Four total assets at an acquired value of $183,250,000 were acquired and purchased by the Fund in June, including properties in Indiana, Ohio, Kentucky and Tennessee.
From the Fund, Buckingham Partners acquired a 400-unit property in Carmel, Indiana with a renovation planned for summer 2019 to enhance interior kitchens, flooring, bath, and lighting while completing exterior enhancements to the clubhouse and amenity spaces, painting and asphalt resurfacing.
Buckingham Partners announced the second non-seed acquisition for Buckingham Multifamily Fund I, LP in October with a property in Atlanta, Georgia, including 494-units with 503,808 of rentable square feet. The capital budget is $6.9M with enhancements to the interior and exterior finishes to match it’s already competitive advantage of proximity to the city and major highways while being situated in a secluded area.
Buckingham Companies welcomes Josh Laundry and Tina Hamor to the team this year. Josh Laundry hails from Houston, Texas working his way up from leasing agent to now Executive Vice President of the Buckingham Production team. He has 17-years of experience in mixed-use real estate having worked on several lease-ups in the Houston and Denver markets. While receiving his MBA, he learned the development side of the business and became involved there.Tina Hamor is the Regional Vice President of Buckingham's south market, taking over our Nashville and Atlanta assets. She is stationed in Nashville, where she recently was a Regional Property Manager for two years but has over 30 years of extensive property management experience in the region. With more acquisitions in the Buckingham pipeline for the southeast region of the states, Tina will be a valued asset in analyzing value-add to the portfolio.
Day of Service:
Buckingham Foundation recently completed it's second annual Day of Service, with 300 volunteers helping at 40 nonprofits across seven states, our team strives to continue serving in the communities that our employees work in and where our clients live. All our leasing offices and corporate headquarters shut down from Noon to 6 PM to assist at a variety of nonprofits, including Midwest Food Bank, Wheeler Mission, Humane Society of Johnson County, and more. Through our employee contributions this year, Buckingham Foundation gave grants to numerous organizations as well. Throughout the year, Buckingham Foundation has also volunteered at Gleaners Food Bank, Keep Indianapolis Beautiful and United Way of Central Indiana. Each quarter, Foundation organizes time away from the office for team members to give back at one of our partner organizations. Employees are granted 12 hours of volunteer time off each year to give back in their own way as well.
Awards & Recognition:
Whetstone Flats, located in Nashville, Tennessee was awarded First Place for the GNAA 2018 Beautification award as a new to five-year-old property. Chris Myrvold, Chief Financial Officer, has been nominated for the IBJ CFO of the Year award. Aertson Midtown was awarded second place overall for the 2018 Legacy of Design Award and first place for commercial single space hospitality for the Design Ovation Competition.
New Developments for 2019:
Production is working on phase two for many existing properties, including CityWay II (450 new units), The Foundry II (471 new units), and Whetstone 1B (256 new units). Other projects that are outside property management include the opening of Grand Brook Care facility in Fishers this past fall with another one set to open in Zionsville in 2019. Purdue Research Park includes 252 new units, Freeport Row will have 102 new units, and 700 East Main will have 308 new units.
Commercial Real Estate:
With the opening of Aertson Midtown in 2017, Buckingham's commercial team is thrilled to announce that the entire first-floor retail space is full with seven retailers including restaurants, bars, hotel lobby, spa, and bank. CityWay II is set to open in Fall 2019, but the commercial team is already working on filling vacant spaces including a St. Francis Urgent Care Center, CVS, and Taxman Gastropub. The team plans to fill all vacant commercial space by 2020. The team also has a signed letter of intent for Allen Family Catering at The Ambassador in Indianapolis. Allen Family Catering plans to operate their catering business out of the restaurant space and provide coffee and cafe options to the Library Square neighborhood in the morning and switching over to a neighborhood gastropub for lunch and dinner. They expect to be open during the first quarter of 2019.