McKinley and Avanath Capital Management announced the launch of mckinley - avanath, a residential property management venture that will focus on affordable housing.
The enterprise will manage apartment communities acquired by Avanath for its various investment platforms as well as assets owned by institutional partners and clients.
"We at McKinley have been an owner and operator," says McKinley CEO Albert M. Berriz. "Our expertise has been in that vein. I think an owner's view and partnership with Avanath will give us a different orientation on how we approach property management."
Many other property managers working in the low-income housing tax credit space are third-party providers, Berriz says.
The new venture is kicking off with the management of two multifamily properties, Gladden Farms, a 220-unit community located near Indianapolis, and Country Wood, a 180-unit community located in Naperville, Ill.
Headquartered in Ann Arbor, Mich., McKinley owns and manages more than 34,000 units and 21 million square feet of commercial space throughout 25 states. It is ranked No. 37 on the National Multi Housing Council's Top 50 list of national apartment management firms.
According to Berriz, the firm has a history of working with the Department of Housing and Urban Development (HUD), Freddie Mac, and other agencies. It has participated in distressed workouts for HUD and Freddie Mac.
In addition, Berriz has known Daryl J. Carter, chairman and CEO of Avanath, for 30 years. Based in Irvine, Calif., Avanath is a private real estate investment firm.
"Daryl and I have a deep a deep institutional relationship," Berriz says. "I think this will be a very powerful new venture."