(To read more on the multifamily market, click here.)

YPSILANTI, MI-Turnaround specialists McKinley has purchased the 382-unit Golfside Lake Villas and is planning a multimillion-dollar renovation of the property. The apartment complex is located at 2911 Bynan Dr. next to two other properties owned by Ann Arbor-based McKinley, Golfside Lake Apartments and Chippewa Tennis Club.

McKinley’s Jennifer Paillon tells GlobeSt.com that the complex used to be called Appletree Apartments, but McKinley changed the name to Golfside Lake Villas after it was purchased.

McKinley specializes in the renovation of distressed properties and acquired the property, which has significant deferred maintenance, directly from the lender. During the next few months, the company will undertake renovations, including a newly renovated clubhouse and pool, new building facades, upgrades to the interiors, new landscaping and lakefront amenities. “It will be similar to the other properties in the area that McKinley owns,” Paillon says.

One-bedroom units at Golfside Lake Villas range in size from 576 sf to 800 sf and rent from $610 to $675. Two-bedroom units range in size from 860 sf to 967 sf and rent from $735 to $780.

McKinley owns and operates $1.2 billion in assets in 103 properties, including 15,000 apartments and five million sf of commercial space. The company owns $500 million in residential properties in Washtenaw County.

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