McKinley Commences $20 million Strategic Renovation Effort NationwideFebruary 3, 2014
ANN ARBOR, MI – McKinley announced today that it is undertaking a multimillion dollar renovation of Aspen Chase apartments located in Ypsilanti Township, Michigan. The renovation will encompass a comprehensive interior and exterior renovation of the 780 unit community. The effort is in conjunction with a major refinancing of the asset now underway with HUD and expected to close in Q1 2014.
The renovation work is being financed by The Private Bank of Chicago, and is part of a larger strategic effort now underway by McKinley to make major investments in its extensive Ann Arbor portfolio. The company plans similar announcements for its Owned portfolio assets in 2014, expecting to invest in excess of $20 million throughout its Owned residential portfolio.
"These are generational assets and we are making the necessary investments to position these assets for the long term. We have also seen our strongest rent increases nationwide in Ann Arbor. It's an extraordinary market, and our dominance in this market in conjunction with what we see with major gains in employment and growth, allows us to make these investments with conviction," stated Kenneth Polsinelli, McKinley's Chief Real Estate Officer. “Ann Arbor is our hometown and as a local owner and operator, we are proud to make these significant investments in our communities,” added Polsinelli.
Aspen Chase was acquired by McKinley in 2006, and is the largest community of the 21 apartment communities it owns in metropolitan Ann Arbor. McKinley owns 5,903 apartment homes in the region and manages in excess of 10,000 units throughout Michigan.