Marlton, NJ, May 8, 2009 — For the third year in a row, Michaels Development Company occupies the Number 1 ranking on Affordable Housing Finance (AHF) Magazine's list of Top Affordable Housing Owners. With more than 43,000 units in its portfolio, Michaels Development owns twice as many affordable units as the company ranked second on AHF's Top Owners list.
"We are long-term owners, committed to the success of each property and each community in which we build," said Robert Greer, president of Michaels Development Company, who noted that, despite the touch economic conditions, Michaels was able to start more than 1,280 units in 2008 and also acquired several other owners' portfolios.
In addition, Greer said, all the properties in Michaels' portfolio are professionally managed by its sister company, Interstate Realty Management, which assures that the company is always focused on the long-term success of its assets.
"When we develop a project, the community knows that we will be there for at least the next 40 years," said Greer, adding that the company still owns and manages virtually everything it has built over the past four decades. Both Michaels Development and Interstate Realty Management were founded by housing pioneer Michael J. Levitt, and have gained national prominence for their success in developing and managing Low Income Housing tax credit properties as well as big, complex communities developed under the auspices of the HOPE VI program.
In addition to being the largest affordable housing owner, Michaels was also named to the magazine's top developers' list, ranking as the second most active housing developer in the nation with 1,562 units completed in 2008.
According to Greer, Michaels has continued to get its deals done despite turmoil in the equity markets, because of its long-term relationships with investors and because it has the financial wherewithal to syndicate and finance its own deals when necessary.
In 2008, Michaels also grew its portfolio by acquiring affordable housing communities from other owners, some of whom were looking to exit the business due to the tough economic conditions in the market. With more than 1,600 units acquired in 2008, Michaels took the Number 2 spot on AHF's list of Top Ten Companies Completing Acquisitions.
Affordable Housing Finance, published by Hanley Wood, is an industry-leading trade publication covering the affordable housing industry. Its AHF Topic 50 list appears in the April/May 2009 issue.
About the Michaels Organization: Headquartered in Marlton, NJ, The Michaels Organization is a family of companies dedicated to excellence in affordable, mixed-income, and military housing. Since its founding by housing pioneer Michael J. Levitt in 1973, the Michaels Organization has developed, financed, or acquired more than 40,000 apartments, and currently manages 33,000 units in 26 states, the District of Columbia, and the U.S. Virgin Islands. Its companies include the Michaels Development Company, Interstate Realty Management, and Michaels Military Housing.