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“The achievements of Michaels Development are impressive,” said Charles R. Brindell, Jr., chair of NAHB’s Multifamily Leadership Board and CEO of Mill Creek Residential Trust LLC. “That’s especially noteworthy given this difficult economic climate.”
“This company’s success reflects the firm’s first-rate management, as well as its unwavering commitment to delivering quality, affordable housing,” he added.
The Development Firm of the Year Award honors excellence in multifamily housing development, financial performance, innovative development strategies and practices, and successful achievement of the company's vision and goals.
Michaels Development Company, a New Jersey-based firm with 54 projects in development and a pipeline of 11,000 units, is ranked the most active and wide-ranging affordable housing developer in the nation. The firm's portfolio includes 260 properties — approximately 33,000 units — in 27 states.
Since its founding, the Michaels Development has raised more than $240 million in tax credit equity, and introduced market-rate-quality housing to low-income families across the country.
With a focus on building self-sustaining communities, the company’s' projects include revitalized historic sites and transit-oriented, affordable apartment communities. Among the firm's accomplishments, Michaels Development was the first affordable-housing developer to rebuild and reopen all its housing sites in New Orleans’ Lower Ninth Ward following Hurricane Katrina.
Over the years, the firm completed 19 HOPE VI properties, playing a vital role in the effort to revitalize distressed public housing communities. It also is an industry leader in the privatization of sustainable and affordable military housing.
As a testament to the firm’s dedication to enhancing the quality of life of its residents, Michaels Development Company offers educational scholarships to those who live in housing managed or owned by the company. All residents may apply and the scholarships can be used towards higher education at any accredited college, university or vocational program in the country.
To date, Michaels Development has awarded $2.4 million in grants to more than 1,100 students.
"We are gratified every day that we are able to give back to society by providing homes to thousands of people who would not otherwise have adequate housing, and we appreciate the industry's recognition of this important work by bestowing this prestigious award on our organization," said Michael Levitt, chairman and CEO of the Michaels Organization, the parent organization of the Michaels Development Company.
NAHB Multifamily's 2010 Pillars Awards recognized winners for excellence and superior leadership in 21 categories, including Property Management Company of the Year, won by Freeman Webb Company, of Nashville, Tenn.; and Community of the Year, won by The Heights at Park Lane in Dallas and developed by the PM Realty Group.
To see the virtual awards ceremony, complete with pictures and commentary, visit www.nahb.org/pillarsawards.
To view the full list of Pillars winners, click here.