Eugene F. Ford, Sr. founded the predecessor company to Mid-City Financial Corporation (“Mid-City”) in 1965. Throughout the years, Mid-City Financial Corporation has been dedicated exclusively to the acquisition, development, rehabilitation, and ownership of multifamily rental housing. Given the tenure of the company, Mid-City Financial Corporation’s multifamily management and ownership experience has spanned numerous economic and housing cycles, which has afforded the company a long-term perspective on the life-cycle of apartments and different market conditions. Moreover, Mid-City’s diverse portfolio – both in terms of variety of the assets and location – provides a practical perspective on investment selection and relative value over a long time period.
Mid-City has experience in acquiring and stabilizing both conventional and tax credit properties as well as developing new housing communities. Mid-City also has extensive experience with many of the Federal programs, including Section 8 and other subsidy housing programs. Today, Mid-City Financial Corporation has interests in approximately fifty communities in eight states and the District of Columbia with a total of more than 9,000 apartment units.
Mid City’s value proposition extends beyond the acquisition of multifamily investments. In fact, Mid-City’s Asset Management and Investor Reporting group oversees a portfolio with a value of approximately one billion dollars. The asset management process is focused and rigorous, and resolution usually favors the long-term at the expense of the expedient. Additionally, Mid-City also offers diversified real estate financial services through Marble Mortgage Corporation, which is an approved FHA seller servicer.
Building on his commitment to maintain high standards for his multifamily communities, Mr. Ford founded Edgewood Management Corporation (“Edgewood”) in 1973. In addition to managing Mid-City’s portfolio, Edgewood manages for third party owners. Edgewood’s management portfolio has more than 26,000 units and is continually growing as owners are increasingly seeking multifamily specialists to help them maximize the value of their assets while delivering quality services to residents. Combined, Mid-City and Edgewood employ 1,200 people with many of our associates spending the majority of their professional careers with us.
Mid-City has established a proven track record of providing quality service-enriched communities to residents throughout the United States, with a focus on the Mid-Atlantic region. Mid-City prides itself on the long term relationships and fidelity that it maintains with its investors, lenders, public and private partners, residents, housing associations and trade association groups. Mid-City’s enduring relationships and long-term orientation have enabled it to create long-term value for its shareholders and investors and have also put Mid-City in a position where it is able to grow its portfolio through the prudent acquisition of multifamily housing investments during favorable and uncertain times.
As a family owned business, the preservation and creation of value for our investors and stockholders through conservative and practical growth is a priority - as is building upon the company’s tradition of being a family and values oriented company that is fully invested in the communities in which we operate.