November 8, 2016
McKinley announced today that it has acquired Winter Park Flats, a 120-unit apartment community located in Winter Park, Florida. Winter Park Flats is McKinley's third community in Winter Park, and it's 55th community throughout its expansive Central Florida Platform which includes Orlando, Winter Park, Daytona Beach, Gainesville, South Pasadena, Gulfport, North Redington Beach, Clearwater, Tampa, South Tampa and Hyde Park.
Harry Collison, McKinley's Senior Vice President and Managing Director – Acquisitions and Dispositions, led the acquisition efforts for this investment, and leads McKinley's real estate efforts throughout Florida. "McKinley can move instantaneously, analyze and review acquisitions faster, and close more efficiently, and do all of that with its very own capital and its own team on the ground with over 450 full time team members in the region," offered Collison. "As a well-known Multifamily owner-operator in the region since 1982, McKinley has always performed flawlessly and exactly as promised with all sellers in the region, and that's a huge differentiator for us,” added Collison.
Winter Park Flats is located in a residential setting at the north end of Winter Park, conveniently located to shopping, dining and just a few minutes from Downtown Winter Park and prestigious Park Avenue. The community is also moments away from Azure Winter Park, and Indigo Winter Park, owned and operated by McKinley, and major employers like Florida Hospital (Adventist Health). The Orlando CBD, Orlando Regional Medical Center (Orlando Health) and numerous other major employers are only a short ride away on the SunRail. McKinley will immediately commence an extensive exterior renovation of the community which will be completed with six months of takeover including exterior painting, signage, landscaping, paving, amenity and sales center enhancements, and an overall brand makeover and repositioning of the asset.
"Winter Park Flats is another example of our ability to acquire assets opportunistically, even in this market, and the community itself will enhance our overall position in the Central Florida Multifamily marketplace adding another Winter Park address to our extensive customer offerings available throughout the region," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "I also want to thank the Comerica Bank team who was with us every step of the way, and is always a fabulous partner in everything we do," added Berriz.