WASHINGTON, D.C. – December 16, 2010 – (RealEstateRama) — A combination of business strategy, philanthropy and unwavering commitment to each multifamily development earned the Michaels Development Company top honors as Multifamily Development Firm of the Year. The award was presented by the National Association of Homebuilders (NAHB) as part of the association’s Multifamily Pillars of the Industry Awards last week.“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, who founded Michaels Development Company in 1973.
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, is ranked the most active and wide-ranging affordable housing developer in the nation, with 54 projects in development and a pipeline of 11,000 units. The firm’s portfolio consists of 260 properties – approximately 33,000 units – in 27 states.
Since its founding, the company 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, Michaels’ projects include revitalized historic sites and transit-oriented, affordable apartment communities. Among the firm’s many accomplishments was being the first affordable-housing developer to rebuild and reopen all of its housing sites in post-Katrina New Orleans in the Lower Ninth Ward.
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 Michaels’ dedication to enhancing the quality of life of 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 has awarded $2.4 million in grants, benefiting more than 1,100 students.
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 Inc., Nashville, Tenn.; and Community of the Year, won by The Heights at Park Lane, Dallas, developed by the PM Realty Group.
The NAHB Multifamily Pillars of the Industry Awards program is supported by NAHB Multifamily’s Chairman Sponsor, Time Warner Cable Community solutions, an industry leader in developing and launching innovative video, data and voice services.