October 9, 2014
Ann Arbor, MI - McKinley continues to execute on its long term strategy of expanding its Owned Multifamily portfolio in its core markets and in sub-markets where it dominates. McKinley acquired Brighton Park, a 336 unit garden apartment community located in Northwest Indianapolis, contiguous to The Courts Apartments, a 148 unit community which it has owned for many years. The two communities will be merged and run as one 484 unit community which will be called The Courts Apartments. The communities are immediately adjacent to St Vincents Health (http://www.stvincent.org), a member of Ascension Health, the largest Catholic health care system in the country. McKinley also owns Brandywine Apartments in the immediate submarket, which is a 296 unit community also adjacent to the St Vincents Health campus.
"We will always acquire in our core markets of Carmel, Castleton and the north side of Indianapolis with conviction. Indianapolis (and the State of Indiana) is a pro-growth, pro-business environment; and it is the transportation crossroads of America. We are long on Indianapolis, we have been investing in that market since the early 1980's, and we will continue our efforts to grow in that market", said Albert M. Berriz, CEO of McKinley.
A major renovation is now underway for the new acquisition, which includes a complete exterior renovation with siding, roofing and new windows, green energy investments, and extensive interior renovations. The acquisition and renovation is being financed by The PrivateBank of Chicago, and Berkadia is processing a HUD refinancing of the asset which will be closed upon stabilization and completion of the renovation.