McKinley Announces Successful DispositionMarch 25, 2012
ROYAL OAK, MICHIGAN McKinley is pleased to announce the successful disposition of Royal Oak Estates in Royal Oak, Michigan. Royal Oak Estates is a boutique 87-unit apartment community that was facing severe distress when McKinley began managing the asset in June 2011. The McKinley team immediately engaged with residents and implemented best practices to stabilize the community and to improve performance. During McKinley's tenure, occupancy increased to over 96% and collections increased by over 30%. More importantly, the apartment community was transformed from distressed to desirable and the residents have a better quality of life that also produced a successful resolution for our clients.
We appreciated the opportunity to be involved in the repositioning of this asset on behalf of our valued stakeholders, states Albert M. Berriz, Chief Executive Officer of McKinley.