The origin of Royal Properties can be traced back to 1979 when Rodrick Schmidt purchased an 11-room house on 209 E. John St. in Champaign, IL. Mr. Schmidt owned and operated the rooming house for several years and then, along with Michael Henneman, purchased the adjacent property. From 1984-1987, Mr. Henneman and Mr. Schmidt purchased land, developed and managed six apartment complexes totaling 442 beds within Champaign, IL and Charleston, IL. All projects performed beyond expectations, with 100% occupancy from inception. In 2001, Royal sold all of its Illinois properties.
In 1988, Royal Apartments USA, Inc. (DBA: Royal Properties) was formed with Rodrick Schmidt as its first chairman of the Board and Michael Henneman serving as the first President and CEO. That year, Royal Properties broadened its operations and decided to venture out of the state of Illinois. From 1991-2005, Royal Properties acquired land, developed and managed 14 apartment complexes, comprised of 6,938 beds. All complexes maintained approximately 98.2% occupancy during the time Royal owned and managed them.
American Campus Communities (ACC) a New York Stock Exchange REIT, acquired approximately 85% of Royal’s portfolio in 2006, with a purchase price of $244,250,000. In addition, Royal Properties gained a position on the ACC Board of Directors and Mr. Henneman was installed as a Director to the ACC Board.
From 2006-2010, Royal developed and managed four student apartment complexes totaling 2,173 beds in the state of Texas.
In 2007, the 505 N. State Street project began in the River North neighborhood of Chicago. It was completed in 2010 at a value of $130M. The project consists of a 40-story building containing two lobbies, hotel amenity levels, restaurant, 3 levels of parking, an approximately 250+ bedroom hotel and 140 condominium apartment units. This project was co-developed with The John Buck Company.
From 2010-2014 an affiliated entity of Royal purchased land and developed two student apartment complexes on University of Illinois Urbana Champaign campus. Maywood Apartments consists of 70 units and 174 beds and Lancaster Apartments consists of 20 units and 70 beds. Royal still manages them today.
Between 2012 to 2015, Royal Property developed three student housing projects at The University of Arizona, The University of North Carolina at Wilmington and The University of Louisville. These projects were co-developed with The John Buck Company.
Entering into its 40th year of business, Royal Property continues to develop high quality, profitable real estate product throughout the United States. Please feel free to contact one of our managing principals to inquire about partnership, investment, or co-development opportunities.