McKinley Announces Successful Disposition

December 27, 2011

VIRGINIA McKinleys Residential Client Services is proud to announce the successful disposition of Chelsea Point and Vacaro Apartments, which are the final two assets included in the Bethany Portfolio. The Bethany Portfolio consisted of 11 properties totaling 2,904 units in three states. McKinley commenced management on all 11 assets in March of 2009 and immediately began creating value.

Chelsea Point Apartments is a 196 unit multi-family complex located in Portsmouth, VA. During McKinleys time there, occupancy was increased from 54% to more than 96%.

Vacaro Apartments is a 208 unit complex in Chesapeake, VA. At the time of takeover occupancy was 58%, which McKinley increased to over 93% during their time at the property.

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.

For more information on McKinleys Residential Client Services, please contact Kenneth P. Polsinelli at 734-769-8520 x230.