News The Michaels Organization Expands its...
The Michaels Organization Expands Its Presence In Indiana

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August 1, 2022, Camden, NJ -- The Michaels Organization, a national leader in residential real estate with full-service capability in development, property management, construction, and investment, has completed its latest acquisition of eight communities in Indiana. The portfolio, all income-restricted affordable housing, ups Michaels’ presence in the Hoosier state by 505 units, bringing the total number of apartment homes owned and managed by Michaels in the Midwest to almost 6,000.

“Michaels is focused on growth in strategic markets and on acquiring high-quality assets that can be preserved for long-term affordability,” said Kunal Chothani, Michaels Vice President of Acquisitions, whose team led the efforts on this deal. Earlier this year, Michaels closed on a 12-property portfolio, also in Indiana, that included affordable housing, workforce housing, and commercial space. 

Michaels, the largest privately held affordable housing owner in the country, has an expanding development pipeline in targeted markets across the country, but is also keenly focused on strategic acquisitions.

“We are interested in acquiring affordable and essential workforce properties and portfolios, particularly those where we can add value over the long-term,” said Chothani. “We appreciate that many owners, especially legacy owners of affordable living communities, have placed in us to preserve the long-term affordability of these important assets, while lifting the lives of the residents,” he said. 

The communities included in the acquisition, which achieved a financial closing on Friday, July 29th, were built between 1998 and 2016, with current occupancy levels that exceed 96 percent. Two of the properties are located in Fort Wayne, with the others located in Nashville, Danville, Huntington, and Greenwood, Indiana. 

Terms of the transactions were not disclosed.

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