February 11, 2014
ANN ARBOR, MI – McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Northeast Corporate Center located in Ann Arbor, MI on behalf of our valued client. McKinley ICRE began the assignment on this 223,996 square foot asset in 2009 and during its time managing the property executed 236,137 square feet of new leases and renewals in excess of $14 Million. A successful tax appeal was also completed with additional savings of more than $850,000. Extensive capital improvements were undertaken in excess of $2 Million allowing the McKinley Institutional Commercial Real Estate team to utilize its expertise and experience to transform the property and create value for all stakeholders.
“I am very proud of our team and all that they accomplished managing this asset,” shared Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. “In classic style, the team was able to deploy all of its expertise during lease negotiations, completing capital improvements and working through a successful tax appeal process to create value for all stakeholders,” stated Mason.
February 7, 2014
ANN ARBOR, MI – McKinley Institutional Residential Real Estate is pleased to announce the management of Ford Lake Landing, a 184 unit apartment community overlooking Ford Lake in Ypsilanti Township on behalf of its client Avanath Capital Management. Ford Lake Landing is now part of the Schooner Cove community, which has been owned and managed by McKinley since 1974. Ford Lake Landing was originally a final phase of development for Schooner Cove, and the community is now fully integrated as one. This acquisition extends McKinley’s dominant presence to twenty-two communities in the region.
Ford Lake Landing is comprised of one, two and three bedroom apartment homes, and is ideally situated in close proximity to Ann Arbor and downtown Ypsilanti as well as Metropolitan Detroit, all major freeways, the airport, hospitals and universities. Residents can now enjoy the extensive amenities available at Schooner Cove including lake access and boat slips in addition to the fitness center and beautiful pool. They also have convenient access to major employers and nearby shopping and dining destinations.
“We are thrilled to add Ford Lake Landing to the Schooner Cove community on behalf of our esteemed client. This addition builds on our 46 year track record in Washtenaw County and expands our ability to meet the needs of workforce housing in the region” stated Kenneth P. Polsinelli, Chief Real Estate Officer at McKinley. “Our local management team is excited to serve the needs of these new residents, and to provide them with our world class service” shared Polsinelli.
February 5, 2014
Please enjoy this breaking news link from REJblog about McKinley's plans this year to renovate the apartment communities it owns across the United States. READ MORE
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.