CRE V Michigan

Michigan's McKinley appointed receiver for 14-asset multi-family portfolio

Ann Arbor, Mich.-based McKinley's Residential Client Services team has been appointed receiver for a 14-asset multi-family portfolio spanning more than six states.

Ann Arbor, Mich.-based McKinley's Residential Client Services team has been appointed receiver for a 14-asset multi-family portfolio spanning more than six states.

The 3,719-unit portfolio includes seven assets in Texas, marking McKinley's first expansion into this southern state. This appointment also ranks as one of the five largest multi-family assignments in the CMBS market in 2011.

"This receivership appointment is a testimony to the expertise and value creation that McKinley offers," said Albert Berriz, chief executive officer of McKinley. "We have become the go-to company for distressed assets based not only on our great track record of repositioning distressed assets, but on our ability to revitalize apartment communities in an extremely timely manner."