MAMARONECK, NY-In a move company officials say will enable it to market its multifamily properties nationally, Wiener Family Cos. has consolidated its two real estate management divisions. The new entity, headquartered here, will be called Maxx Properties.
Previously, Wiener operated two real estate management companies, JRD Management Corp. of Mamaroneck and WWG Inc. of Denver. As part of the consolidation, Frederick K. Mehlman, former president of JRD Management, was appointed president of Maxx. Eric R. Wiener, founder and president of WWG, is now president of Maxx Properties, Western Division.
Maxx manages approximately 50 multifamily complexes totaling more than 12,000 apartment units that are controlled by Wiener Family Cos. in New York, Florida, Colorado, Nebraska, Nevada, Utah, Arizona and Maryland that are valued in excess of $725 million. So far in 2005, the company, which employs 500 workers nationwide, has increased its management portfolio by nearly 2,000 units, valued at more than $130 million, company officials say.
Mehlman adds that the company is looking to add another 1,500 to 2,000 apartment units in the next 12 months. He says that an LLC controlled by the Wiener family acquired the 270-unit Camelback apartment complex in Phoenix earlier this month for $13.1 million. In addition, the family has another three properties in Las Vegas and another in Tampa, FL. under contract. Both are expected to close in November.
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