Shelby Manor officially changed from publicly owned to privately owned Dec. 14. Township officials vowed to use the funds for a new library and senior center and to help pay off the township’s retiree health care costs.

Shelby Manor officially changed from publicly owned to privately owned Dec. 14. Township officials vowed to use the funds for a new library and senior center and to help pay off the township’s retiree health care costs.

Photo by Sarah Wojcik


Shelby Township finalizes sale of Shelby Manor

By: Sarah Wojcik | Shelby - Utica News | Published December 25, 2017

 Shelby Township Treasurer Michael Flynn, left, and Shelby Township Supervisor Rick Stathakis, right, hold up the check for the sale of Shelby Manor at Shelby Township Hall Dec. 14. The sale contractually had to go through by Dec. 15.

Shelby Township Treasurer Michael Flynn, left, and Shelby Township Supervisor Rick Stathakis, right, hold up the check for the sale of Shelby Manor at Shelby Township Hall Dec. 14. The sale contractually had to go through by Dec. 15.

Photo by Sarah Wojcik

SHELBY TOWNSHIP — Shelby Township Treasurer Michael Flynn said he has been eyeing Shelby Manor as a good source of income for the township since 2008.

The township sold the senior apartment complex, located on Lakeside Boulevard, for $14 million to Shelby Township-based Shamrock Acquisitions LLC Dec. 14 .

After being tasked by Supervisor Rick Stathakis to find funds to build a new library and senior center, Flynn said selling the senior living apartment complex was his first thought.

“I’ve always thought, as a conservative Republican, that we shouldn’t be in the apartment business,” he said. “I knew the (maturation of the) bonds (for the property) were coming up in October of this year, so the planets all aligned when Supervisor Stathakis requested I look to find that money.”

The township originally received nine bids, of which Shamrock Acquisitions was the highest bidder for $15,250,000. The second-highest bidder was Detroit-based American Community Developers Inc. for $12,800,000.

Based on an appraisal conducted by the purchaser that placed the market value of the property at $13.5 million, the Board of Trustees voted unanimously to adjust the sale price to $14 million at an Oct. 3 board meeting.

The board also voted unanimously to contact Metropolitan Concrete to replace concrete at the property for $16,255 Oct. 3. Township Attorney Rob Huth said at the Oct. 3 meeting that Shamrock Acquisitions also agreed to install complementary handrails.

The Shelby Manor site includes three apartment buildings totaling approximately 237,000 square feet with 264 apartments, as well as a clubhouse/office building on an approximately 10-acre parcel, according to a township press release. It is currently at full capacity.

Ryan Houlihan, CEO of Shamrock Acquisitions at 23 Mile and Schoenherr roads, is a Macomb Township resident and Eisenhower High School graduate whose parents still reside in Shelby Township, Flynn said.

According to the company’s website, www.shamrock-acq.com, it takes “pride in our extensive remodeling and renovation of distressed properties, a primary strength that built Shamrock starting from the early years.”

It has “successfully renovated over 300 properties in Michigan, Ohio, Indiana, Florida and California,” according to the website.

In a prior interview with the Shelby-Utica News, Houlihan said his company’s goal is to “keep things affordable.”

He said he expects rent increases, as the township has not increased rent in three years, and that “we are going to do our best to make sure that (residents are) protected and not displaced or inconvenienced and have undue financial hardship placed on them.”

The funds from the sale will not only fund the construction of the township’s new library and senior center, but also go toward outstanding retiree health care costs.

“We sent $5 million to the OPEB (other post-employment benefits) trust for retiree health care to pay it down,” Flynn said. “We expect the pension costs to be overfunded on a market basis by the end of this year, and we’re trying to get to that same point with the OPEB trust.”

Flynn said the sale of the property will benefit taxpayers in the long term by avoiding the need for future tax rate increases.

“This deal would not have happened without the leadership of Treasurer Flynn and Attorney Rob Huth,” Stathakis said in a statement. “Michael Flynn had the vision to get this done, and Rob Huth worked through all the details and legalities to make it a reality.”

He said the township had a “$10 million problem for a new senior center and library, and Mr. Flynn found a $14 million solution.”

Houlihan could not be reached for comment by press time.

For more information, call the Treasurer’s Office at (586) 731-5145 or visit www.shelbytwp.org.