Joseph Tobianski | AnnArbor.com
The 120-unit, garden-style accommodation circuitous is amid on West Liberty Street, aloof east of Stadium Boulevard.
McKinley’s acquirement comes anon afterwards the Ann Arbor-based aggregation acquired and adapted two accommodation complexes abreast Plymouth Road: Ironwood, now alleged Traver Heights, and Travel Knoll, now alleged Traver Crossing.
“We acutely accept astronomic aplomb in Ann Arbor and we are appropriately assured in the approaching of this association and the region,” McKinley CEO Albert Berriz wrote in a statement.
Berriz said McKinley affairs to advance $1.2 actor in renovations at Westwood, which will be renamed Manchester West — a “sister” circuitous to the Manchester Flats that McKinley owns on West Stadium and Pauline.
Westwood will become a smoke-free association and will abide autogenous and exoteric renovations. Affairs accommodate siding, painting, copse repairs, landscaping, signage and accepted allowance improvements.
“This association is alluringly amid aural walking ambit to downtown, about it needs a above advance to accomplish it aggressive and constant with what our barter apprehend in our communities” Berriz said.
The acquirement amount of the circuitous was not disclosed, but it has an adjourned amount of about $3.67 actor for the 2012 tax year. The acreage was ahead registered to Westwood Associates, according to burghal records.
Marketing abstracts appearance the units hire for $650 to $700 for a one-bedroom and $750 to $800 for a two-bedroom.
McKinley, founded in Ann Arbor in 1968, owns added than 5,400 units in the region. The aggregation owns and manages multifamily and bartering absolute acreage backdrop in 25 states.
Berriz told AnnArbor.com in November that Ann Arbor, decidedly the arctic ancillary communities, are the best assuming in McKinley’s absolute Midwest portfolio.
“We can be application those dollars to advance anywhere that we operate, but Ann Arbor absolutely commands some of the arch rents in the Midwest. There’s no question that’s why we’re electing to aggrandize in our own town,” he said.
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Lizzy Alfs is a business anchorman for AnnArbor.com. Reach her at 734-623-2584 or email her at firstname.lastname@example.org. Follow her on Twitter at http://twitter.com/lizzyalfs.
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