McKinley Hyde Park Expands Along Westshore CorridorJanuary 3, 2017
TAMPA, FLORIDA - McKinley Hyde Park announced today that it has closed on the acquisition of Manhattan Flats, located on Manhattan Avenue near Westshore Boulevard in South Tampa, Florida. This 78 unit community expands McKinley Hyde Park's dominant platform, which today is the largest assembly of unique and historic luxury apartment homes in the Hyde Park/South Tampa market. It also further expands its offerings along the Westshore Boulevard corridor, and its conveniently located to the Tampa International Airport, the causeways to Pinellas County and the beaches, and the marvelous retail and dining options available throughout Hyde Park.
McKinley will immediately commence a comprehensive renovation and repositioning of Manhattan Flats expected to be completed within six months. Acquisition and Renovation financing by was provided by Comerica Bank, who has supported McKinley with its expansion efforts in the Tampa Bay Region over the years. "Comerica has once again done a terrific job with the Manhattan Flats acquisition, this was a complex transaction executed in record time, and they delivered for us every step of the way" offered Jim Willett, McKinley's Senior Vice President and Managing Director - Finance. "This is our 26th acquisition in the Hyde Park/South Tampa market, and no one else can offer the choices, locations and options we have in our portfolio, and at a range of price points as well" added Willett.
"McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "Each community has been carefully curated to ensure that the brand delivers and exceeds expectations. We thoughtfully approach each building with an eye to detail that is sure to please the most discerning customers," Berriz further offered.
McKinley Hyde Park also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brand McKinley Beach which is located along the barrier islands of Pinellas County including Gulfport, South Pasadena and North Reddington Beach. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida with 56 multifamily communities in the Central Florida market. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate-4 corridor, and we are thrilled to participate in a meaningful way in the future of Central Florida," added Berriz.