Buckingham’s investment team acquired three assets from one owner this summer to further strengthen our investment fund. The three properties are located in the suburban area of Indianapolis and total 836 units. Steeplechase at Shiloh Crossing is located in the affluent town of Avon, Indiana while Residence at White River and Center Point Apartments are in the greater Indianapolis market. Center Point is known as a hybrid asset with many residents attending Marion University across the street. The Residence at White River is located near the Indianapolis Museum of Art at Newfields, which includes the 100-acre park, great for outdoor activities. All three properties were built in the 90s and will undergo value-add renovations in the coming months including exterior enhancements, new amenities, and interior improvements including fixtures, flooring, cabinets and more.
Buckingham also added Autumn Oaks to its portfolio at the same time as the other three. This was a family-owned property operating as a market-rate community. Buckingham Foundation will be acquiring this asset and folding it into its portfolio of Foundation-owned properties. Buckingham Foundation-owned communities provide an affordable rent program for residents, in addition to offering a range of programs and resident events. One hundred percent of the revenue generated from Foundation properties is directed back into the community through charitable grants. Autumn Oaks consists of 72 units and will slowly be transitioning from market-rate to affordable within the coming months.