by Dan Rafter
The number is a big one: $20 million. That’s what McKinley plans to spend this year to renovate the apartment communities it owns across the United States.
The company plans to spend a good portion of these dollars in the Midwest. An example? The work McKinley is now taking on at the Aspen Chase apartments in Ypsilanti Township, Mich.
McKinley announced that is starting a multi-million-dollar renovation at the 780-unit apartment community. The Private Bank of Chicago is financing the renovation work, which is a major part of the larger investment that McKinley is making in its owned residential portfolio.
The work at the Aspen Chase apartments is especially important to McKinley. The apartment community sits in the Ann Arbor, Mich., area, which happens to be McKinley’s hometown. It also happens to be a strong multi-family market.
“We have seen our strongest rent increases nationwide in Ann Arbor,” said Kenneth
Polsinelli, McKinley’s chief real estate officer, in a written statement. “Ann Arbor is our hometown, and as a local owner and operator we are proud to make these significant investments in our communities.”
McKinley acquired Aspen Chase in 2006. It is the largest community of the 21 apartment communities it owns in the metropolitan Ann Arbor community.
McKinley has long had a major presence in Michigan. Overall, McKinley owns 5,903 apartment homes in the region and manages more than 10,000 units throughout Michigan.