Last week, Ann Arbor, Mich.-based McKinley spent a lot of time, effort, and resources mobilizing for recovery after Hurricane Irene. This week, CEO Albert M. Berriz was happy to acknowledge Mother Nature spared his portfolio.
Other than losing power in North Carolina, Virginia, Maryland, and New Jersey, Berriz reports his portfolio survived the storm well. “We dodged a serious bullet,” he says. “We are without serious issues from North Carolina to Virginia, New Jersey to Maryland. We got lucky (and we were ready), but lucky trumps all when you are dealing with Mother Nature."
Harbor Group International, which makes its home in Norfolk, Va., an area that was projected to get slammed by the storm, says its Mid-Atlantic portfolio held up well, too, though it didn’t have properties in the areas hardest-hit by the storm. “None of our properties suffered anything more significant than a few downed trees and tree limbs,” says Sid Bridge, manager of corporate communications for Harbor Group. “In general, local governments and the media where our properties (and headquarters) are concentrated did a great job of informing and preparing people for the storm, having learned lessons from Isabel in 2003.”
Rochester, N.Y.-based REIT Home Properties also has a number of properties in the Mid-Atlantic and New York metro areas. “Fortunately, we had no injuries, and nothing really material,” says Charis W. Warshof, vice president of investor relations, at Home Properties. “Most of the damage was relatively minor wind and water damage—power outages, limbs and trees down, that kind of thing.”
Unfortunately, while these larger owners avoided damage, a number of apartment communities did suffer harm from the storm. In Newport News, Va., an 11-year-old boy was killed when a large tree crashed into his unit at Brookridge Apartments, according to the Richmond Times-Dispatch.
In Fredicksburg, Va., a tree also fell through the Hazel Hill Apartments, though no one was harmed, according to The Fredricksburg Free-Lance Star. And in Rye, N.Y., the flooding from the storm caused as much as 7,000 gallons of oil to be spilled at The Highlands apartment complex, according to The Journal News, which covers New York’s Lower Hudson Valley. The spill will likely keep residents out of their homes for weeks.