ANN ARBOR, MI- Albert M. Berriz, the chief executive officer of McKinley, Inc. and Daryl J. Carter, the chief executive officer of California-based Avanath Capital Management, announced yesterday that the two companies had formed a new partnership called “mckinley-avanath” to manage multifamily properties acquired by Avanath. The partnership will also include various properties owned by some of Avanath’s partners and clients.
“McKinley’s values are aligned with Avanath’s,” Carter said. “McKinley’s reputation creating value fits well with Avanath’s investment strategy and our partnership translates into the efficient and successful execution of this approach.”
Headquartered in Ann Arbor, home of the University of Michigan, McKinley has a big presence in other major university towns like Champaign, Illinois and Gainesville, Florida, as well as many small cities, such as Norfolk, Virginia, that also depend on large but stable employers.
McKinley currently owns and manages more than 34,000 apartments and roughly 21 million SF of commercial space in 25 states. Avanath focuses on investments in affordable housing developments and other multifamily properties, as well as commercial projects.
The partnership will begin by taking over the management of Gladden Farms, an affordable 220-unit community in suburban Indianapolis and Country Wood Apartments, a similar development in Naperville, Illinois. Both were constructed in the late 1990′s and were financed with Low-Income Housing Tax Credits.