CONTACT: Mark Morrison
513.588.1257
Mark.morrison@mvg.com
Beth Mehlberth
937.228.1141
bmelberth@edwardhoward.com
Miller-Valentine Group Marks a First - Outside Investment in
Acquisition Deal
MVG and outside investors acquire Springboro luxury multifamily community
Dayton, Ohio (October 20, 2009) -Miller-Valentine Group announced today that it has acquired Phase 1 of The Falls at Settlers Walk in Springboro with a group of local investors. The property was acquired from the Bank of New York. Upon the completion of negotiations, Miller-Valentine Group was able to close in a single day and, for the first time in the firm's history, allowed an outside investment from a group of local investors. In the past, Miller-Valentine has preserved investment opportunities exclusively for its partners and select institutions. With this action, Miller-Valentine is breaking from the current trend of raising blind pools to purchase distressed properties. Instead, the company has opted to include selected outside investors for specific opportunities.
Phase I of The Falls occupies the southern portion of the site and consists of 64 completed and three unfinished units, a clubhouse and a pool.
"This acquisition is significant in two ways," said Michael Green, Senior Partner, Miller-Valentine Group and CEO of MV Residential Group. "It shows that transactions can be done even in a challenging time for real estate and, for the first time in our 45+ year history, we've partnered with individual outside investors on a residential acquisition, which raises our ability to act upon opportunities in this environment. And, we believe that there is a better alignment of interests when investment decisions are made after reviewing the specific parameters of a deal rather than investing into a blind pool.
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MVG partners with outside investors for residential acquisition
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"The Falls was the perfect opportunity for us to provide a ‘total real estate solution.' This was a complicated deal that demanded a team who can do it all: financing, construction, development and property management. Miller-Valentine is unique in this region in being able to handle all aspects of a real estate deal while at the same time providing an above-market return and reduced risk for all investors."
Springboro is currently nationally ranked by CNN Money as one of the "best places to live" and is projected to grow approximately 4% per year through 2013.
Mark Morrison, Acquisitions and Development Manager, MV Residential Group, worked closely with multiple parties to complete this sale. "It was essential to balance the business objectives of the bank, our partners and, of course, Miller-Valentine Group to enable a successful transaction for all parties."
Morrison added that "the residents will begin to see immediate benefits as Miller-Valentine Group has already begun improvements to the community and also has assumed property management for Phase I."
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About Miller-Valentine Group
Miller-Valentine Group offers total real estate solutions in the areas of Design/Build Construction, Development, Management, and Financing for both commercial and residential markets and also provides Renovation, Brokerage, and Leasing services for commercial markets. All of Miller-Valentine Group's divisions have combined to provide customers with more than 50 million square feet of commercial space and over 10,000 residential housing units. Miller-Valentine Group, founded in 1963, develops real estate in the Midwest and Southeast regions of the country, with offices in Dayton and Cincinnati, Ohio, and Columbia, South Carolina.
Miller-Valentine Group offers a wide range of commercial products, including office, retail, lodging, healthcare, manufacturing and distribution facilities and an equally wide range of residential products, including multi-family, single family, active adult, and military housing throughout the Midwest and Mid-Atlantic regions.
Miller-Valentine Group has been awarded the prestigious national "Developer of the Year Award" by the National Association of Industrial and Office Properties (NAIOP); Miller-Valentine Construction has been awarded OSHA's Voluntary Protection Program "STAR" designation - the first general contractor to receive this designation on a statewide level.
