Sinito walks away from running Millennia

Key Tower is owned by and is the headquarters of The Millennia Companies, one of the largest affordable housing property owners and managers in the United States. It is reducing its affordable housing portfolio, expanding into market-rate multifamily properties and, this month, went through significant leadership changes (NEOtrans). CLICK IMAGES TO ENLARGE THEM.

Leadership to shift firm’s housing portfolio

Frank T. Sinito, founder of Millennia Companies, has stepped away from managing the day-to-day business of one of the nation’s largest owners and managers of affordable housing properties. In announcing this and other leadership changes, the company said it will be selling off parts of its affordable housing portfolio and expanding investments into market-rate housing.

A Millennia affiliate also owns Key Tower in Downtown Cleveland plus other significant properties in Cleveland. Millennia’s headquarters are located in Key Tower.

In a press statement, Millennia announced the promotion of Michael Pico to president and chief operating officer, Angelica Sinito to chief investment officer, and Renee Weiss to chief legal and compliance officer, effective June 18 of Millennia Housing Management Ltd. The Millennia Companies is the parent of Millennia Housing Management.

“To clarify, Michael Pico was and remains the chief operating officer of The Millennia Companies,” said a company spokesperson in an e-mail to NEOtrans. The leadership changes are limited to the housing side of Millennia.

“These strategic leadership changes are intended to support the company’s increased investment in and expansion of its market-rate portfolio, as founder and CEO Frank Sinito steps away from daily operations to focus on his other diversified business ventures,” the company’s press statement noted. “He will continue as owner of the company and the portfolio.”

Frank T. Sinito founded The Millennia Companies in 1995 but will step away from the day-to-day operations of it (Millennia).

An automatic reply to his Millennia email address noted that “Effective as of June 18, I have stepped down from my role as chief executive officer of Millennia Housing Management Ltd.” It directs inquiries to Frank Sinito at an email address at Savour Hospitality Group, a company he owns with his wife Malisse Sinito.

She is president of Savour Hospitality which owns and operates the Marble Room Steaks & Raw Bar and Il Venetian in Downtown Cleveland, plus Lockkeepers Inn in suburban Valley View. It manages the Marriott Hotel at Key Tower plus other properties.

“My three decades at the helm of Millennia Housing Management have been deeply rewarding, as together with our talented and committed team, we have preserved more the 20,000 units of affordable housing across the country, and were recognized by Affordable Housing Finance as No. 1 and No. 2 on the list of Top 10 Companies Completing Substantial Rehabilitations,” said Frank Sinito in a written statement.

Millennia and its affiliates own, directly or indirectly controls and/or manages more than 200 multifamily housing properties across the country. But that’s about to change as the company undertakes a “strategic sale of the affordable housing portfolio and further expansion of the existing market-rate platform,” its press statement noted.

Company officials denied the leadership and business changes had anything to do with recent legal matters. In October. NEOtrans broke the story in October 2024 that Sinito’s estate in Waite Hill was raided by federal agents executing a search warrant. It is not known what was sought or if anything was seized. No arrests were made.

Michael Pico was named president and chief operating officer of Millennia Housing Management Ltd. He was already serving as COO of The Millennia Companies, the parent of its housing affiliate (Millennia).

But the search was initiated by the U.S. Department of Housing and Urban Development (HUD), Office of Inspector General, apparently pertaining to 19 federally subsidized multifamily properties, and possibly more owned by Millennia or its affiliates.

HUD accused Sinito and his Millennia Management companies of “improper conduct” regarding Millennia-owned, controlled or affiliated multifamily properties that were insured and/or subsidized by HUD and therefore subject to regulatory agreements and their requirements set forth under federal law.

But a source familiar with the matter who spoke with NEOtrans on the condition of anonymity said HUD asked Millennia to take over these troubled properties because of its experience with managing many subsidized and affordable housing properties. After that experience, Millennia has decided to sell those properties.

“As the company focuses on its next era of growth and opportunity, I am immensely confident in the leadership abilities and strategic expertise of Michael, Angelica, and Renee, all of whom have shown remarkable commitment, skill, and vision,” Frank Sinito added.

Since joining Millennia in 2021, Pico has been instrumental in strengthening operations. In this expanded role, he will lead the day-to-day operations of the company, drive portfolio performance, and oversee key functional areas, including operations, human resources, information technology and accounting.

This satellite image of the Millennia-owned Shorter College Garden Apartments in North Little Rock, AR was captured 11 days after an Oct. 4, 2023 explosion and fire took the lives of three residents. Residents of the low-income housing claimed smelling gas before the explosion but the company said it received no complaints of gas fumes. A class-action lawsuit was filed against Millennia seeking $5 billion in damages (Google).

With more than 30 years of experience, including a decade holding leadership positions in the property management industry, Pico will focus on delivering actionable operational results while fostering a high-performance, resident-centered culture, the company PR said.

In Angelica Sinito’s new role at Millennia, she will lead all property dispositions, oversee financial reporting, as well as manage the company’s debt and equity relationships. A spokesperson said she has extensive experience in acquisitions, capital strategy, and investment execution.

She will reportedly play a central role in shaping Millennia’s capital markets strategy, optimizing the company’s investment approach, managing relationships with financial partners, and ensuring the successful alignment of transactions with the company’s long-term business objectives.

Angelica Sinito will also oversee the sale of Millennia’s affordable housing portfolio and expand the market-rate side of Millennia’s business.

The Centennial redevelopment of 925 Euclid Ave. is project that has not seen much visible activity lately. But it suddenly has some after winning $10 million in Ohio Brownfield funding through the Cuyahoga Land Bank last December (NEOtrans).

Weiss has most recently served as Millennia’s general counsel where she served as legal advisor and partner, overseeing a range of issues, as well as leading the risk management department. As chief legal and compliance officer, Weiss will oversee the legal function, managing all corporate policies with a focus on ethics, compliance, and excellence.

Pico, Angelica Sinito, and Weiss will also serve on Millennia’s newly formed Executive Committee.

“As I transition away from daily leadership and the company increases its investment in its market-rate portfolio, I firmly believe that Millennia remains poised for continued success under the talent and leadership of our new Executive Committee,” said Frank Sinito.

The commercial side of Millennia’s business remains unaffected. That includes a long-planned $500 million redevelopment of 1.4-million-square-foot 925 Euclid into The Centennial, into a mixed-use complex. Planned is workforce housing, offices and retail spaces. In December, the project won a $10 million Ohio Brownfields Program grant for asbestos removal, lead-based paint remediation and soil gas mitigation.

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