Since 2009, McKinley has invested over $100M in distressed single family residential homes in California, Utah, Texas, and Nevada through eight funds. We have operated three investment strategies in this space:
Buy existing residential properties through distressed sales (trustee sales, short sales, bulk and REO), stabilize the properties, and exit from the properties while the housing market is in recovery.
Buy residential properties through distressed sales (trustee sales, short sales, bulk and REO), reposition the properties through extensive capital improvements, and resell within 120 days for a double digit return on investment.
McKinley's primary activity in the rental housing space - both single family and apartments - is now in Salt Lake City as part of the Restore Utah partnership with Goldman Sachs. The partnership aims to stabilize communities within the Salt Lake Utah area by acquiring vacant single family homes within distressed neighborhoods, leasing to households, and providing pathways to assist qualifying buyers to home ownership. Following on the success of the single family portfolio, the partnership expanded to include multifamily apartment properties. To date the partnership, Restore Utah, LLC, has acquired, rehabbed, and rented 516 affordable single family homes and 235 apartment units.
For more detailed information please contact: Steve Riter