Products and Services
Residential Development
All aspects of housing development, from conception through construction completion, ownership and operations are within Michaels' expertise and experience. We specialize in developing multifamily residential communities from "soup to nuts". Our wide range of services includes:
- Site Evaluation
- Property Acquisition
- Community Participation
- Financial Planning
- Design Management
- Construction Management
- Property Management
- Supportive Social Services
Partnerships are vital to our success. We welcome inquiries by neighborhood and non-profit organizations, local public housing authorities, municipal officials, housing finance agencies and property owners searching for a competent and caring private sector partner.
Multifamily Property Acquisition
The Michaels organization not only develops residential properties from "scratch", we also grow by buying existing multifamily portfolios. Michaels both acquires general partner interests in limited partnerships and purchase properties outright. Our forte is bringing marginally performing rental properties to financial health through refinancings and renovations.
Military Family Housing Privatization
In 1996, Congress established the Military Housing Privatization Initiative (ìMHPIî) as a tool to help the military improve the quality of life for its service members by improving the condition of their housing. The MHPI was designed and developed to attract private sector financing, expertise and innovation to provide necessary housing faster and more efficiently than traditional Military Construction processes would allow. The MHPI provides each of the Military Services authorization to enter into agreements with private developers selected in a competitive process to own, maintain and operate family housing via a 50 year lease.
Michaels Development Company, with its affiliate Interstate Realty Management Company, created Michaels Military Housing, LLC (MMH) for the sole purpose of creating the finest residential communities for our nation's servicemembers and their families. We are committed to providing the highest quality homes, family-oriented community amenities and outstanding management service for our residents, while accommodating the challenges unique to the military family. For more information, please visit our website www.mmhusa.com
Construction Management
Over the years, Michaels has constructed and rehabilitated multifamily housing of every building type, including duplexes, townhouses, garden apartments, mid and high-rise buildings. Our company has successfully overseen over $2 billion in residential construction.
Our in-house construction management division, and our affiliate, the Michaels Building Corp., monitors the services of architects, engineers and contractors to assure top quality design and workmanship. There has never been an instance of default for failure to complete the construction of a development on time and within budgetary constraints.
Financial Services
Due to the long history of the Michaels organization in the affordable housing industry and our financial strength, we are able to provide the following in-house services:
- Continental Mortgage Corp., an FHA-approved lender, both provides short-term, bridge financing for Michaels' developments and originates long-term mortgage loans.
- Affordable Housing Equity Partners, LLC offers competitive pricing for developments financed with Low Income Housing Tax Credits.
Property Management
The Michaels organization is justly proud of our affiliate, the Interstate Realty Management Company (www.irmmgmt.com). An Accredited Management Organization (AMO) of the Institute of Real Estate Management, Interstate provides asset and property management services for more than 250 properties in 29 states, the District of Columbia and the U.S. Virgin Islands. These residential properties, valued at over $1 billion, have annual operating budgets that, in aggregate, exceed $100 million.
The rental units in the Interstate portfolio range from Section 8 subsidized apartments to luxury cooperatives. Interstate not only manages communities developed by the Michaels organization. It also provides property management services on a fee basis for both private real estate investors and public agencies.
Supportive Social Services
One of the many special events held at the community building in Jameson Court Apartments (Philadelphia, PA).
The Michaels' team has long recognized the value of offering educational, employment, recreational, and health care services for our residents. Our affiliate, the Interstate Realty Management Company has over sixteen years experience in designing and implementing comprehensive social services programs.
Interstate's supportive services programs have garnered national attention. Recently, for example, Interstate was awarded a "Special Commendation" at HUD's National Neighborhood Networks Conference for the best computer center program in the country.
We believe strongly in educational opportunity. In addition to after school and summer programs, we offer scholarships to our residents for college, university and professional schools through the Interstate Realty Management Company Educational Foundation. To date, approximately $1.8 million in scholarships have been awarded.