MCKINLEY EXECUTES SECOND MAJOR ORLANDO MULTIFAMILY THEME PARK PORTFOLIO ACQUISITION WITHIN THIRTY DAYSDecember 1, 2013
Orlando, Florida Confirming its strong commitment to the Orlando market, McKinley executes a second major acquisition for its Orlando Multifamily Theme Park portfolio in the past 30 days. Bella Vita joins twelve other garden apartment communities within the theme park sub-market including nine McKinley "Owned and Managed" communities, and three communities operated by our Institutional Residential Real Estate team for what is the single largest assembly of multifamily owned and managed real estate between Disney and Universal Studios in Southwest Orlando. McKinley has been actively investing in the Southwest Orlando market since 1982, and today is one of the single largest owner-operators of multifamily real estate in Central Florida.
McKinley continues to expand its dominant footprint along the Interstate-4 corridor to Tampa and the Interstate-75 corridor to Gainesville along the transportation triangle between Orlando, Tampa and Gainesville. Central Florida now joins Metropolitan Ann Arbor as McKinleys largest multifamily concentration, and McKinley anticipates this expansion to continue in Central Florida and projects this portfolio to exceed its market position in Ann Arbor, Michigan.
Bella Vita has one, two, three and four bedroom apartment homes located just two blocks from The Mall at Millenia, an ultra-luxury indoor mall which includes world class retailers such as Apple, Neiman Marcus, Chanel, Yves Saint Laurent, Macy's, lululemon athletica and Bloomingdales. Located a few blocks to the west of Bella Vita is Universal Studios Orlando which includes Universal Islands of Adventure and the Wizarding World of Harry Potter, plus the latest Transformers 3-D Experience.
We understand Orlando and like everything we see in terms of the long term economic vitality for the Central Florida region. We are committed to serve the needs of our residents with a superior product delivery, 450 exceptional team members in the market, and our seasoned Orlando based leadership team in position,"states Albert M. Berriz, Chief Executive Officer. Mr. Berriz adds, We are fortunate to have such a market dominate position in what is the economic engine in today's Central Florida tourist commercial industry with neighbors like The Walt Disney Company, Universal Studios Orlando and the Orange County Convention Center."
Comerica Commercial Real Estate is providing the acquisition financing for this transaction and Berkadia Commercial Mortgage is providing HUD long-term financing. Comerica and Berkadia work side by side with us as great partners enhancing our reputation and solid transactional track record for certainty of execution at record speed. Both of these recent acquisitions were closed in under 15 days from contract execution to funding," shared Berriz.