Dayton, OH (PRWEB) April 25, 2014 -- Miller-Valentine Group has sharpened its focus to grow its presence in the country’s affordable housing market. The company has tapped an industry veteran, Michael Riechman, to act as Managing Director, Residential Investment Management. Riechman joins Miller-Valentine as a partner.
Riechman will lead Miller-Valentine’s Affordable Housing Capital Markets team, including directing the strategies and negotiations of all housing credit equity and debt transactions. In addition, Riechman will lead the strategy for affordable housing acquisitions.
Affordable Housing Market in the U.S.
• Ushered in by National Affordable Housing Act of 1934
• 25,000 properties across the U.S.
• Average size of properties is 85-90 units – over 2,000,000 million units nationwide
Miller-Valentine Group in the Affordable Housing Market
• Built over 149 properties in 17 states
• Manages over 13,000 units
“The national average for an investment period in this market is 15 years,” says Riechman “making this market segment a prime candidate for acquisition and investment. At Miller-Valentine, we plan to leverage our 20 years of full service affordable housing knowledge, experience, and position in the industry to our advantage.”
Riechman Brings Varied Background, Relevant Experience
Riechman, a 20 year veteran of the real estate industry, has extensive background in affordable housing development and acquisitions. Prior to joining Miller-Valentine, Riechman was Senior Managing Director and head of the Affordable Housing Equity division at Centerline Capital Group. At Centerline he was responsible for the acquisition of approximately $6 million in acquisition deals. He also was the managing director for RBC Capital Markets from 2003 to 2011 where he was responsible for the tax credit equity group that was responsible for the sale of federal LIHTC, Historic, State and Energy credits to institutional investors.
“Affordable housing acquisition is a key growth area for Miller-Valentine in 2014 and going forward,” noted Dave Liette, President Miller-Valentine Residential Development. “Michael’s expertise will allow us to fully take advantage of the unique and promising opportunities of this market.”
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 residential and commercial 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 over 14,000 residential housing units and more than 80 million square feet of commercial space and. Miller-Valentine Group, founded in 1963, develops real estate in the Midwest, Southeast, and Southwest regions of the country, with offices in Dayton and Cincinnati, Ohio, Columbia and Charleston, South Carolina, Ft. Lauderdale, Florida, and Austin, Texas.
Miller-Valentine Group offers a wide range of residential products, including multi-family, single family, and military housing and an equally wide range of commercial products, including office, retail, lodging, healthcare, and manufacturing and distribution facilities.
Heather Denney, Miller-Valentine Group, http://www.yournextplacetolive.com, +1 513.583.4701, [email protected]