Portfolio Comprises 606 Units Across Eight Apartment Communities
CAMDEN, NEW JERSEY / ACCESS Newswire / April 23, 2025 / The Michaels Organization, a national leader in residential real estate, today announced that it has completed the acquisition of eight apartment communities, expanding its geographic presence in the Midwest by 606 units. The portfolio, which includes two affordable communities in Southern Michigan, and five affordable properties and one attainable workforce housing community in Northern Indiana was purchased from a family business whose owners are retiring.
Mohsin Azmi, Michaels' Director of Acquisitions led the acquisition and capitalization for this transaction.
"We're grateful that Center Management chose to entrust Michaels to preserve these communities as affordable for the long term," said Kunal Chothani, Michaels' Vice President of Acquisitions. "Michaels has the ability to recapitalize and add value to existing assets, while committing to both long-term ownership and to our mission of lifting the lives of our residents."
The properties were originally constructed in the 1970s and 1980s by local developer Thomas Brademas. As part of the acquisition, Center Management employees have been offered positions with Michaels, which will provide both property and asset management services to the portfolio. Michaels and its partners plan on investing $6 million to modernize the communities and ensure their long-term sustainability.
A significant part of Michaels' growth over the past two decades has been the result of acquisitions. Michaels has acquired individual communities and portfolios across the nation.
"We are especially interested in connecting with small and mid-size private owners who are looking to leave their real estate portfolios in good hands as they seek to exit the business for other, more personal reasons or if these communities reach the end of their affordability periods," said Mohsin Azmi, Michaels' Director of Acquisitions who led the acquisition and capitalization for this transaction.
"Working with private owners directly, whose properties are currently off-market, is beneficial not only to Michaels but to the private owners as Michaels can be very nimble and efficient to the owner's requirements," Azmi said.
Levine Staller P.A. served as Michaels' Legal Counsel for this transaction.
The financial closing occurred on April 22, 2025. Financial Terms of the acquisition were not disclosed.
About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in more than 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.
Contact Information
Laura Zaner
Vice President, Michaels Corporate Marketing
lzaner@tmo.com
856-988-5983; 856-630-1540
SOURCE: The Michaels Organization
