Ironwood and Windmeadows Acquisitions Expand McKinleys Dominant Apartment Platform in Ann Arbor and Central/Northern Florida

March 29, 2012

ANN ARBOR, MICHIGAN McKinley acquires Ironwood blocks from the University of Michigan's new Venture Accelerator and its North Campus. Ironwood is contiguous to Traver Ridge a 210 unit community McKinley owns, and both communities will be merged and operated as Traver Ridge going forward. This 100 unit acquisition adds to the 5,231 unit platform that McKinley owns in the Ann Arbor region.

"Ann Arbor is our home town and where our business was started in 1968. We are excited to welcome Ironwood to the McKinley family and further expand our holdings on the vibrant north side of town with all the great things UM is doing there" said Albert M. Berriz, CEO of McKinley.

"We are always exploring ways of opportunistically expanding in our core markets of Ann Arbor and Central Florida" said Ken Polsinelli, Chief Real Estate Officer, "and Ironwood is a perfect example of that opportunistic expansion."

McKinley plans to integrate both communities via walking trails and to serve residents of both communities out of the Ironwood community center. Ironwood has spacious one, two and three bedroom apartment homes that will complement the living choices now available at Traver Ridge. For leasing information regarding Traver Ridge contact 734-761-3325.

GAINESVILLE, FLORIDA McKinley is proud to announce that it has acquired Windmeadows located in Gainesville, Florida. Windmeadows is a 323 unit luxury community located close to Shands Medical Center at the University of Florida. This transaction is a classic tertiary market acquisition by McKinley in a formidable college town with a significant employment base.

Gainesville matches up nicely with our investments in Ann Arbor, Michigan and Champaign, Illinois, and we strongly believe in Shands Medical Center, The University of Florida, and of course Central and Northern Florida said Albert M Berriz, CEO of McKinley.

Windmeadows offers a diverse array of newly renovated apartment homes conveniently located just minutes from Shands and the Heart of Gainesvilles thriving retail corridor said Ken Polsinelli, Chief Real Estate Officer.

McKinley owns 5,000 units between Orlando, Tampa, St. Petersburg, Clearwater Beach, Daytona Beach and now Gainesville, and operates over 12,000 units throughout Florida Like Ironwood, Windmeadows is an opportunistic play to expand in our core markets said Ken Polsinelli, Chief Real Estate Officer.