McKinley 2015 Renovations Exceed $50 million - Largest Rehab Volume Ever in its HistoryFebruary 24, 2015
Multi-State - In combination with its strategic refinancing efforts of its existing residential portfolio, its new acquisitions, and new acquisitions with strategic partners, McKinley will execute in excess of $50 million of major renovations and repositioning’s during 2015 in its core markets which include Orlando, Tampa, Indianapolis, Ann Arbor and Champaign.
"We are making significant investments in all of our generational assets to position them for the long term,” stated Kenneth P. Polsinelli, McKinley’s Chief Real Estate Officer. “With these investments, we are taking the quality of the portfolio to a totally new level in 2015," indicated Polsinelli.
Additionally, McKinley is making its new acquisitions more competitive than it has ever done before going-in by focusing on details such as interior features and amenities. This effort is driven by customer feedback and market trends.
"Our acquisition strategies today include making our portfolio highly competitive right out of the box to include washer-dryers in all units, granite countertops, stainless steel appliances, superior lighting trim and finish, and sophisticated flooring options which allows us to generate higher than projected financial results on these newest investments," added Polsinelli. A green energy focus is also a major part of the effort to include new windows and doors, insulation, new roofing, new mechanical systems and energy star appliances.
"We have found that a focus on the "basics" of mechanical systems and the building envelope allows us to immediately radically reduce energy costs following the completion of our improvements, making the ROI significant," further added Polsinelli.
The execution strategy has been flawlessly planned and is being carried out with a high degree of quality control which McKinley is well known for having perfected its renovation strategies over its 47 year history as an owner-operator and long term holder of real estate.
"We have never had better leaders and teams in position living in our core markets allowing us to radically leverage our efforts as we look across the residential platform today," offered Albert M. Berriz, McKinley's Chief Executive Officer. "This is the advantage of focusing on building an internally driven leadership pipeline that produces seasoned leaders who live in our markets and have grown up in our world,” shared Berriz. “It is also critical to our efforts that we have been in these markets three and four decades combined with the significant market presence we enjoy in each case," added Berriz.