PORTSMOUTH, VA – McKinley’s Residential Client Services is proud to announce the successful disposition of Chelsea Point and Vacaro Apartments, which are the final two assets included in the Bethany Portfolio. The Bethany Portfolio consisted of 11 properties totaling 2,904 units in three states. McKinley commenced management on all 11 assets in March of 2009 and immediately began creating value.
Chelsea Point Apartments is a 196 unit multi-family complex located in Portsmouth, VA. During McKinley’s time there, occupancy was increased from 54% to more than 96%.
Vacaro Apartments is a 208 unit complex in Chesapeake, VA. At the time of takeover occupancy was 58%, which McKinley increased to over 93% during their time at the property.
“We appreciated the opportunity to be involved in the repositioning of this asset on behalf of our valued stakeholders,” states Albert M. Berriz, Chief Executive Officer of McKinley.
For more information on McKinley’s Residential Client Services, please contact Kenneth P. Polsinelli at 734-769-8520 x230.
About McKinley
Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and manager of multifamily real estate. Currently ranked #38 in the NMHC Top 50 list of national apartment management companies, McKinley owns and manages more than 33,000 units throughout 20 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as a select clientele of institutional investors, private equity clients and special servicers. McKinley is a member of the National Housing Council (NMHC) and is recognized by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO).