McKinley Expands Central Florida Multifamily Platform with Newest Acquisition in its Dominant Universal Orlando SubmarketApril 18, 2017
The McKinley Companies announced today that it has completed the successful acquisition of Palio Apartment Homes formally known as Middlebrook Farms Apartments, a 320-unit luxury apartment community located in the Universal Orlando submarket of Orlando, Florida. Palio Apartment Homes is McKinley's twelfth owned workforce housing community specifically located in the Orlando Theme Park corridor between Universal Orlando and Walt Disney World, and its 57th Owned community located throughout Central Florida including Orlando, Winter Park, Daytona Beach, Gainesville, Clearwater, South Pasadena, North Reddington Beach, Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its McKinley Beach and McKinley Hyde Park luxury brands.
Palio was built in 2001, and contains a mix of large one, two and three bedroom apartments and townhomes with extensive amenities, garages and on-site storage facilities. The large size apartments, which all have in-home washers and dryers and private patios, in conjunction with the Orange County Public Schools, provide excellent housing opportunities for the workforce along the Orlando Theme Park corridor. Palio Apartment Homes is just minutes from major employers including Universal Orlando, Orange County Convention Center, Sea World and Walt Disney World. "We are passionate about being the workforce housing provider of choice throughout the Orlando Tourist Commercial corridor. In addition to our many apartment styles and sizes that we have available, our communities are in very close proximity to jobs, which allows our residents to walk or take a short ride to work each day," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member. "As drive times and traffic becomes a much more complex issue throughout Central Florida, we believe that having apartment communities immediately adjacent to the largest employers in the region will be a major strategic advantage now and into the future," added Berriz.
McKinley was able to move quickly and close on this transaction in record time with its own capital supported by Key Bank, a long term commercial banking relationship of over 25 years. "We have never missed on a closing, and as we did with Palio Apartment Homes, we can move very quickly given our vast financial resources and our amazing team and relationships on the ground in Central Florida which is a key differentiator for us in the marketplace," offered Jim Willett, McKinley's Senior Vice President & Managing Director. "We had our good friends and long term commercial banking partners from Key Bank supporting us on this transaction. In their classic style our banks are always with us, and work along-side us, as we very quickly close large and complex transactions like Palio Apartment Homes," added Willett.
McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, our customers that provide us the opportunity to serve their housing needs, and our over 500 amazing Central Florida based team members who make it happen every day.