REAL ESTATE NOTEBOOK
Miller-Valentine Group expanding despite housing downturn
Sunday, December 09, 2007
Despite a general downturn in housing construction, Miller-Valentine Group looks to expand its residential division next year as it wades deeper into building luxury apartments.
On Tuesday, Miller-Valentine and Boston-based CrossHarbor Capital Partners LLC announced that they have pooled $66 million in equity to develop $450 million in luxury apartments.
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The financing arrangement positions the company to build a dozen projects totaling 3,000 units in three years, said Mike Green, senior partner and chief executive of MV Residential. The two companies already have begun a 190-unit apartment community in Charleston, S.C., and a 210-unit community in Ada, Mich.
The partnership also means that Miller-Valentine will add up to 36 new jobs next year, about two thirds of them dedicated to its residential unit, he said.
Green said people typically associate Miller-Valentine with offices and warehouses rather than apartments and other residential development. But the company owns and manages 9,000 apartment units in seven states.
"A lot of people don't even realize we have a residential component," he said.
In addition to apartments, the company also has two patio-home developments in the works, one in Sugarcreek Twp., another in South Lebanon.
Evenflo departure opens buildings in Vandalia
The impending departure of Evenflo Co. Inc. to Miamisburg to Vandalia puts two buildings in play in Vandalia.
On Monday, Evenflo announced that it will move its worldwide headquarters and 150 employees to the former Huffy headquarters in Miamisburg. The company will vacate two Vandalia office buildings owned by Construction Managers of Ohio when it moves.
Jeff Hoagland, city manager of Vandalia, said the Crossroads Court Buildings should fill up quickly, particularly with their Interstate 75 frontage.
"If it was good for Evenflo, it will be good for another business," Hoagland said.
Evenflo has signed a 76-month lease on the 225 Byers Road building, said Mark Dlott of Colliers Turley Martin Tucker, who, along with Doug "Digger" Daley, represented Evenflo in the transaction.
Flagel adds marketing employee
Diane Kerr has joined Richard Flagel Realty Inc. as a marketing assistant.
A graduate of Wright State University, Kerr will be involved in the general marketing activities of the brokerage, advertising, client prospecting, and data analysis, a company news release states.
Dayton Daily News reporter Tim Tresslar covers commercial and residential real estate. You can contact him at (937) 225-7317 or by e-mail at ttresslar@DaytonDailyNews.com.
