General Info

January 12, 2010 NJ Biz, a leading New Jersey business publication, has named The Michaels Organization a New Jersey Business of Year. The annual awards honor businesses that have excelled in the past year and that have differentiated themselves as leaders in their industry. The Michaels Organization, a full-service residential real estate organization headquartered in Marlton, was named a 2009 Business of the Year in the category for companies with more than 100 employees.Founded in 1973 by Michael J. Levitt, The Michaels Organization comprises six integrated companies dedicated to excellence in affordable, mixed income, and military housing: Michaels Development Company, Interstate Realty Management Co. ; Michaels Military Housing ; Prestige Renovations ; Continental Mortgage Corp. ; and Prestige Affordable Housing Equity Partners, LLC. Together, the companies have developed, financed, or acquired more than 40, 000 apartments, and currently manage 33, 000 units in 27 states, the District of Columbia, and the U.S. Virgin Islands and at five military bases in Kansas, Arizona, Florida and Maryland.In selecting the Michaels Organization, NJBiz noted that despite the current recession, the slump in the housing markets, and the constrictions in the capital markets, Michaels is on track to enjoy one of its best years ever.The Michaels Organization currently has more than 40 new construction and/or rehabilitation projects under way and has a development pipeline of some 11, 000 units. In 2009, Michaels also completed the acquisition of a portfolio of 10 operating developments in the Midwest, increasing the number of affordable housing apartments in its management portfolio by almost a thousand units.