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Local apartment manager loses contract

June 10, 2008

Locally based Flaherty & Collins Properties has laid off several employees after losing a management contract for properties in Indiana, Ohio and Michigan.

The move comes after California-based AIG Sun America elected to consolidate its property management operations, said Mark Conover, a Flaherty spokesman.

The layoffs affected fewer than 10 people, a small portion of the apartment management and development firm's 400-employee workforce.

The only local property included in Sun America's consolidation of management is the Hermitage Apartments, a 288-unit complex in Speedway. The new manager of the properties will be JRK Asset Management of California, Conover said.

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