Beliefs

Paragus believes in, and is committed to, the team concept.  We realize that to be successful, we must associate ourselves with members of a team that share our commitment to our mission statement and to our goals and objectives.

 

• Employees are a significant part of Paragus, benefiting from fair wages, a safe working environment and a philosophy of continuing education and professional growth within Paragus.

• Residents of each Paragus-managed community are provided with safe, quality and affordable housing.  They are our customers and are treated with respect and professional service.

• We are responsive to our clients, by keeping them informed, by treating them with respect and by providing them with information and services to help them meet their goals.

• We develop relationships with financial sources that exhibit support and respect us for our goals and objectives.

• We support the community in a professional, non-partisan manner, developing an understanding of mutual respect, resulting in community confidence in the integrity, abilities and performance of Paragus.

• We develop a team of professionals that provide accurate and dependable information in a timely and cost effective manner.  These professionals have an understanding of confidence and integrity in their relationship with us.

• We maintain a core of dedicated, skilled and production oriented contractors that provide quality workmanship that meets or exceeds the requirements of our construction goals.

• We retain a group of suppliers that provide quality, affordable materials on a timely basis and that share our philosophy of maintaining a long term relationship.

• We participate in the membership and activities of professional organizations relating to our business and encourage members of our team to do the same.

• We recognize competitors as businesses whose existence challenges our goals and objectives.  We strive to provide a higher standard than our competition, showing them professional courtesy and respect at all times.

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Principals and Senior Management

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Michael T. Mance

 

Mike has been involved in the real estate industry since 1972 as both a builder of single family homes and as a builder / rehabilitator of apartments.  Mike began his real estate career with a national production home builder in Pittsburgh.  He was transferred to Indianapolis in 1973 and has been active locally ever since.  Mike worked as field superintendent and production manager for various home builders until forming his own company in 1975.  From 1975 to 1979 Mike built 36 custom homes, primarily on the west side of Indianapolis.  He was named “Home Builder of the Year” by the prominent Indianapolis real estate company in 1978.  As interest rates approached 20%, Mike discontinued his home building business to rehabilitate apartments.

 

Between 1980 and 1982, Mike rehabilitated 362 apartments financed under programs offered by the Department of Housing and Urban Development.  Mike served as project superintendent for these projects and was responsible for on-site supervision, scheduling, materials release and control, construction draws and HUD inspections.

 

From 1983 until forming Paragus, Mike was a Project Developer and Development Partner for a major Indianapolis apartment developer.  During this time, Mike was responsible for 50% of all new construction, taking projects from conception to completion including establishing initial and final construction budgets.  Mike’s responsibilities included all materials purchasing and contract negotiations for the projects including site, buildings and infrastructure.  Other responsibilities included scheduling, supervision and cost control.  Project values ranged from $3,500,000 to $25,000,000 and included approximately 3,400 apartments.  Mike is also a 50% owner of 72 apartments he developed and manages under the Farmers Home Administration.

 

 

Gary G. Ritz

 

Gary began his real estate career in 1975 as a loan officer for a major Indiana savings bank.  Primary responsibilities included the origination, structuring and underwriting of income property real estate loans.  Loan submissions and reports were made directly to the bank’s board of directors on a regular basis.  In addition to apartments, loans were made on office buildings, retail centers, office/warehouse buildings, hotels and motels, nursing homes, hospitals, restaurants, condominiums, single family homes and on land to be developed.

 

From 1984 until forming Paragus in 1988, Gary worked for a major Indianapolis apartment developer, as Director of Finance and Development Partner.  Primary responsibilities were to obtain financing, equity partners and/or purchasers for all apartment communities developed.  Relationships were established with banks, thrifts and insurance companies.  During this time, construction financing was obtained on approximately 5,000 units in fourteen communities and permanent financing was placed on approximately 3,000 units in seven communities.  In addition, three sales were generated involving approximately 1,000 apartments.

 

Gary served as president of the Indiana Apartment Association in 2006 and 2007 and is a Housing Credit Certified Professional (HCCP).

 

Mike Roland

Mike is senior project manager for Paragus Construction Company Inc.  Mike has more than 30 years experience in the construction industry.  During this time, Mike has performed various on-site functions.  Mike joined Paragus in 1991 and he is currently responsible for all on-site supervision and scheduling for all subcontractors and suppliers, on a project basis.

 

Cheryl Olson

Cheryl is the Paragus controller and is responsible for all accounting functions including monthly draws on construction projects and monthly financial reporting on managed properties.  Cheryl joined Paragus in 2014 when one of the original founding partners and controller of Paragus retired.

 

Prodigy Award Winning Developments

The Prodigy Awards were created as a competition within the Indiana Apartment Association to honor excellence in the industry.  Each year the Indiana Apartment Association recognizes apartment communities for outstanding performance in select categories using judges who are apartment industry representatives and market professionals but are not associated with the state of Indiana.  Twelve properties in which Paragus developed, constructed or managed have earned a Prodigy Award. 

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Memberships

• Indiana Apartment Association (IAA)

• National Apartment Association (NAA)

• Builders Association of Greater Indianapolis (BAGI)

• National Association of Home Builders (NAHB) – member number 61803

• Indiana Builder’s Association

• Better Business Bureau

• National Federation of Independent Businesses

• NAHB Seniors Housing Council – member number 218031

                                                                                   

Professional References

Legal

Kuhl & Grant

Gareth Kuhl / Mark Grant 

707 East North Street, Suite 800 

Indianapolis, IN  46202

317-423-9900

Accounting

Somerset CPAs

Bruce Merrill / Scott Thoman

Two River Crossing

3925 River Crossing Parkway, Suite 300

Indianapolis, IN46240

317-472-2200

Architect 

Heartland Design 

Nick Zimmerman / Henry Tobes 

429 East Vermont Street, Suite 300 

Indianapolis, IN  46202

317-636-6360 

Engineer

Stoeppelwerth and Associates

Dennis D. Olmstead

7965 East 106th Street

Fishers, IN 46038

317-577-3400

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