July 27, 2007

Contact: Mary Williams
734-769-8520, ext. 244

For Immediate Release

McKinley, a real estate investment firm headquartered in Ann Arbor, Michigan, is pleased to announce the successful disposition of Village Grove, a 147-unit apartment community in Ypsilanti, Michigan.

On October 13, 2006, KeyBank engaged McKinley for property management and real estate advisory services at Village Grove.  With minimal capital improvement plans, McKinley’s focus was to establish operational efficiency, increase occupancy and rent percentages, improve interior and exterior property appearance, and undertake a systematic marketing plan to create value for the property and generate profits.  During McKinley’s brief time at Village Grove, occupancy improved from 81.9% to 95% and market rent significantly increased at the same time.

Village Grove was sold Monday, July 23, to private investors resulting in a wonderful outcome for its client.  By creatively applying its solid record of success and property management expertise, McKinley was able to complete a successful disposition.

McKinley, founded in 1968, is a well respected national real estate investment firm that owns and operates $1.7 billion in assets in 103 properties for its own account and for select clientele.  This includes 17,223 apartments and 5 million square feet of commercial space located in 9 states.  Albert M. Berriz serves as Chief Executive Officer for McKinley, headquartered in Ann Arbor, Michigan.  McKinley employs 717 full-time employees nationwide.

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