McKinley Announces another Successful Disposition

June 7, 2012

JACKSONVILLE, FLORIDA McKinley is pleased to announce the successful disposition of Heritage on the River in Jacksonville, FL. McKinley began managing this 301 unit apartment complex in October, 2009. Under McKinleys management occupancy increased from 70% to over 96%, well above the markets occupancy average.

McKinleys Residential Client Services team worked diligently to stabilize the community by utilizing best practices including our Zero Tolerance Policy, curing significant deferred maintenance and resolving many long-standing problems for the residents of this waterfront community. Over the last 30 months, net operating income was increased significantly resulting in a large recovery for our client.

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.