Michaels Expands Presence in Midwest With Latest Acquisition
Michaels has completed the acquisition of eight apartment communities, expanding its geographic presence in the Midwest by 606 units. The portfolio, which includes two affordable communities in Southern Michigan and five affordable properties, and one attainable community in Northern Indiana, was purchased from a family business whose owners are retiring. Read more here.
Mohsin Azmi, Michaels’ Director of Acquisitions, led the acquisition and capitalization for this transaction.
Michaels Poised to Break Ground on The Benjamin at Worcester
Michaels, along with its development partner GoVentures Capital, is poised to break ground on The Benjamin at Worcester, a new multifamily community located west of Boston. Offering high-quality living, the transit-oriented community is located within walking distance of Union Station, downtown Worcester, and restaurant row. The $120 million development will offer 364 apartment homes, 36 of which will be offered as affordable living, serving those with 60 percent or below of the Area’s Median Income. Amenities will include a courtyard, a pet station, and work-from-home spaces.
The Maxwell Set to Begin Leasing
Michaels and Triangle Equities, alongside partners Geolo Capital and Helaba Bank, have announced the launch of residential leasing at “Maxwell Downtown Brooklyn,” a 40-story, Class-A, mixed-use residential high-rise tower at 111 Willoughby Street in the heart of Downtown Brooklyn. Concurrently with the launch of residential leasing, the development team has unveiled the property’s new website, as well as newly released renderings as seen below, offering a fresh glimpse of the 204,000-square-foot development, whose leasing efforts will be led by Corcoran New Development. For additional information, follow @MaxwellDTBK on Instagram, contact maxwell@corcoran.com, or visit MaxwellBrooklyn.com to apply.
573 Meeting Street Welcomes HUD Secretary Scott Turner, Senator Tim Scott
Alongside our development partner, One80 Place, Michaels recently welcomed HUD Secretary Scott Turner and Senator Tim Scott to the site of 573 Meeting Street in Charleston, SC. Once complete, this six-story, mixed-use development will offer permanent housing for 70 formerly homeless individuals in addition to a second-floor family shelter. Read more here.
Michaels Brings Expertise to Active Adult Housing
Michaels is bringing its expertise in housing solutions to the Active Adult Market. Long a leader in affordable and market-rate multifamily, as well as student and military housing, Michaels is uniquely positioned to develop flexible solutions that make active adult living accessible to a broad demographic. Michaels will concentrate its activities in this market segment in areas with large populations in the key 55-74 demographic, with easy access to healthcare, retail, and entertainment options. Learn more here.
Rendering of a proposed Active Adult Housing Community in Charlotte, NC. Courtesy of BB+M Architecture.
The Minute Clip
Michaels Scholar: Anagissel Diaz
Meet Anagissel Diaz, a Michaels Scholar studying Animal Science at the College of the Sequoias. With her scholarship from The Michaels Organization Educational Foundation, Anagissel is one step closer to achieving her dreams of becoming a traveling veterinarian and working alongside the animals that she loves every day. To learn more and to support Scholars like Anagissel, visit michaelsscholars.com.
Going Out A Little Further
Michaels Welcomes Genevieve Bauer as New Executive Vice President
Michaels is proud to welcome Genevieve Bauer to our team as Executive Vice President of Management Operations. A senior real estate executive with deep experience in property management operations across all housing sectors, including market-rate, affordable, student, and military housing, Bauer is positioned to succeed Kimberlee Schreiber, President of Michaels Management, who has announced her intention to retire in two years. Read more here.
Michaels Management Announces Teammate Promotions
Michaels is thrilled to announce the well-deserved promotions of four Management teammates: Takieya Renfro, Griselda Arredondo, Nitzia Chambers, and Anna May Stroyek. Takieya has been promoted to Senior VP, expanding her oversight to include communities in Illinois, Wisconsin, Indiana, Kentucky, Texas, South Carolina, and Florida. Griselda and Nitzia have both been promoted to Regional VPs, with Griselda overseeing communities in California, Washington, Nevada, and Hawaii, while Nitzia will oversee communities in the New Jersey and Pennsylvania area. Anna May has been promoted to Assistant VP, responsible for communities in the New Jersey and New York area.
Dylan Vaccarella Invited to Serve as Treasurer for CBID Board of Directors
Dylan Vaccarella, Director of Development, has been appointed Treasurer of the Board of Directors for the Downtown Camden NJ Improvement District. Based in Camden, Michaels is committed to supporting our corporate hometown’s revitalization through partnerships that drive economic growth, community engagement, and placemaking.
Michaels Earns Two Spots on NMHC'S Top 50
The National Multifamily Housing Council's annual ranking serves as an industry benchmark to highlight key trends across the multifamily housing sector. This year, Michaels is proud to hold two spots on the NMHC 50: the nation’s 11th-largest owner and 18th-largest manager.
Michaels in the News
Investment Manager Dexter Wong for Real Estate Business Review: Keys to Military Housing Success
Dexter Wong, Investment Manager for The Michaels Organization, recently shared his insights on managing military housing, including the importance of aligning development, asset management, and legal affairs to enhance living conditions for service members, and how macroeconomic pressure and financial considerations have impacted military housing. Read more from Real Estate Business Review here.
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