February 3, 2014
ANN ARBOR, MI – McKinley announced today that it is undertaking a multimillion dollar renovation of Aspen Chase apartments located in Ypsilanti Township, Michigan. The renovation will encompass a comprehensive interior and exterior renovation of the 780 unit community. The effort is in conjunction with a major refinancing of the asset now underway with HUD and expected to close in Q1 2014.
The renovation work is being financed by The Private Bank of Chicago, and is part of a larger strategic effort now underway by McKinley to make major investments in its extensive Ann Arbor portfolio. The company plans similar announcements for its Owned portfolio assets in 2014, expecting to invest in excess of $20 million throughout its Owned residential portfolio.
"These are generational assets and we are making the necessary investments to position these assets for the long term. We have also seen our strongest rent increases nationwide in Ann Arbor. It's an extraordinary market, and our dominance in this market in conjunction with what we see with major gains in employment and growth, allows us to make these investments with conviction," stated Kenneth Polsinelli, McKinley's Chief Real Estate Officer. “Ann Arbor is our hometown and as a local owner and operator, we are proud to make these significant investments in our communities,” added Polsinelli.
Aspen Chase was acquired by McKinley in 2006, and is the largest community of the 21 apartment communities it owns in metropolitan Ann Arbor. McKinley owns 5,903 apartment homes in the region and manages in excess of 10,000 units throughout Michigan.
January 30, 2014
Please enjoy this breaking news link from Student Housing Business.com aboutMcKinley being retained as property manager and advisor for The Annex of Vincennesa. Read More
January 26, 2014
Please enjoy the breaking news link from REJournals.com aboutMcKinley being named property manager for student-housing community near Vincennes University in Indiana. READ MORE
January 16, 2014Please enjoy this article featuring McKinley's own Nicholas Dunlap, Regional Director of West Coast Operations, in Journal of Property Management. READ MORE
January 12, 2014
Champaign, IL McKinley is pleased to announce that it has acquired Nantucket Cove, a 240 unit former distressed purpose built student housing asset with a plan to extensively renovate and convert it to a luxury apartment home community. The distressed asset, with a fundamentally flawed original concept, was selected as an opportunity for acquisition, repositioning and value creation utilizing McKinleys expertise with a comprehensive renovation and conversion plan. Formerly known as University Village, McKinley is pleased to have the opportunity to reposition this asset to a traditional apartment community which will best serve the needs of local employers, the University of Illinois faculty and staff as well as students. These large two, three, and four bedroom apartment homes following the completed renovation will offer unique floor plans providing excellent options for families that previously did not exist in this location. Nantucket Cove, as a luxury community is ideally located in the heart of great shopping and just a few short minutes from all that downtown Champaign has to offer.
McKinley has owned and operated apartments in Champaign since 1986 and we are pleased to be able to expand our presence in the market as well as offer quality living in this location as we endeavor to reposition this asset to best serve the community, stated Kenneth P. Polsinelli, McKinleys Chief Real Estate Officer. This acquisition continues our long track record of creating value and enriching the quality of life in our communities.
The PrivateBank is providing the acquisition and renovation financing for this transaction and Berkadia Commercial Mortgage is providing HUD long-term financing. "This acquisition was closed quickly and efficiently by the PrivateBank adding to our track record of execution speed and certainty, states Albert M. Berriz, Chief Executive Officer, we are fortunate to work side by side with both The PrivateBank and Berkadia on Nantucket Cove.
With the addition of Nantucket Cove to its portfolio, McKinley now owns and operates four apartment communities in Champaign consisting of 654 apartment homes.
January 8, 2014
Los Angeles, CA Mckinley\Avanath is pleased to share McKinley Institutional Residential Real Estate has assumed the role of Property Manager on Woodcreek Terrace, a recent Avanath Capital Management acquisition located in Roseville, California. The 104 unit community, which includes one and two bedroom apartment homes, located in Roseville, the largest city in Placer County in the metropolitan region of Sacramento, CA. Major employers include Kaiser Permanente, Hewlett Packard and the Sutter Roseville Medical Center.
McKinley is a nationally respected owner-operator of affordable housing with nineteen communities currently under management generating superior results for its own portfolio and for select institutional clients across its 34 state national platform. This growth trend is projected to continue at a steady pace in 2014 with another dozen affordable deals in the pipeline expected to be added in the coming months.
"We are excited to apply our extensive experience as we continue to expand our footprint into the western United States, including California, commented Kenneth P. Polsinelli, McKinleys Chief Real Estate Officer. We have a stellar team of experienced multi-family real estate executives positioned in California to take on our growth in the West and are extremely proud of our 45 year track record which is fueling our ever expanding platform, stated Polsinelli.
January 7, 2014Virginia Beach, VA - McKinley Institutional Residential Real Estate is pleased to announce it has been appointed as Receiver for Marina Shores Apartments in November 2013 by the Circuit Court for Virginia Beach, VA. The community of Marina Shores includes 392 apartment homes, comprised of one, two and three bedrooms. The community enjoys amenities including a children's playground, a swimming pool, clubhouse, fitness center, tennis courts and is walking distance from the beach.
"McKinley has owned and managed commercial real estate in Virginia for more than two decades and is pleased to be appointed to this most recent assignment by the Circuit Court of Virginia," stated Garrett Hain, McKinley's Managing Director, Institutional Residential Real Estate.
December 22, 2013
Ann Arbor, MI McKinley is pleased to announce that the Commercial Institutional Commercial Real Estate group has completed another successful workout of a distressed asset for our valued Institutional Client. The property, the Portec Building, located in Minneapolis, MN is a 120,000 square foot industrial building for which McKinley was appointed the receiver on March 31, 2010, and subsequently retained as property manager. During the period of McKinleys management, the asset was repositioned for sale by stabilizing the buildings rent roll as well as operations. As Property Manager, over 115,000 square feet of leases were executed with a value creation in excess of $1,500,000.
We were thrilled to once again create value on behalf of our valued institutional client, stated Matthew D. Mason, Managing Director, ICRE. "Our team deployed its expertise and the results speak for themselves, shared Mason.
December 22, 2013
Ann Arbor, MI - McKinley Institutional Commercial Real Estate is pleased to announce it has been engaged as Property Manager for Commerce Place on behalf of its valued client. This 67,999 square foot office building, located in Middleburg Heights, Ohio is currently 71% occupied. With this latest assignment the total square footage of managed assets with thisimportant client relationship grows to 153,908, and the total square footage of managed assets in the state of Ohio increases to 2,445,525.
We are pleased to announce this latest assignment in Ohio on behalf of our client, shared Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. We continue to expand our Commercial footprint in the Midwest and look forward to the opportunity to create value for the stakeholders, added Mason.
December 19, 2013Ann Arbor, MI McKinley is pleased to announce that the Institutional Commercial Real Estate group has completed another successful workout for our valued client. The Property, Southgate USA, is a 788,130 square foot shopping center in Maple Heights, Ohio. McKinley was appointed as Receiver on April 9, 2009 and later retained as property manager.
During McKinleys time managing the Property, over $18 million in new leasing, renewals and expansions were executed, numerous capital improvements throughout the Property were completed, operating costs were reduced, occupancy was increased and the appearance of the Property was improved.
This was a terrific opportunity for my team to demonstrate our value creation expertise, stated Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. We were thrilled to have the opportunity to work out this asset on behalf of our important client, and are very pleased to announce this successful disposition on their behalf, shared Mason.