Muncie, IN–April, 2017– Barratt Asset Management’s latest acquisition, Walnut Manor/Fox Brook Apartments, is a 161-unit garden style community located in Muncie, Indiana. Muncie is located 58 miles northeast of Indianapolis and the city is home to Ball State University, with total enrollment of 21,196. The property is just minutes from the university, IU Ball Memorial Hospital, Cardinal Greenway, Muncie Mall and Interstate 69. Walnut Manor/Fox Brook was built in 1996/2002, the property consist of 14 residential buildings and a leasing office/clubhouse. The sellers, Birge and Held, were represented by Michael Wernke of Resource Commercial.
“This project took a little longer than we wanted but there were quite few more moving parts than a typical acquisition. From the debt side of things, we assumed the current HUD financed mortgages on the property and also completed an entity purchase of the existing partnership,” explained Adam Ehret, Principal & Vice President of Acquisitions and Asset Management.
“It was true team effort from all parties and we are very excited to add such a strong asset to our portfolio,” said Ivan Barratt, Founder & CEO. “We first invested in Muncie back in 2014 with our acquisition of Woods Edge Apartments and we are excited to add more units to our market footprint.”
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 and management of income producing properties, primarily multifamily apartments 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 100 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 thirty 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.