December 28, 2017
PHOENIX, AZ. - The McKinley Companies announced today that it closed on the sale of the 35th and Greenway Shopping Center located in Phoenix, Arizona, an asset it has owned since the 1980’s. The sale is part of McKinley’s strategic effort to exit the retail commercial real estate business as it migrates its real estate holdings to an all Multifamily platform.
“We are focused, passionate and we have executed our strategic exit from retail real estate flawlessly,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “We expect our remaining dispositions to close in Q1 and Q2 2018,” further offered Berriz.
December 27, 2017
ANN ARBOR, MI. - The McKinley Companies announced today the successful completion of supplemental financings for two of its generational Multifamily assets that it owns in Indiana and Florida. The communities, Carmel Woods a 314-unit community located in Carmel, Indiana, and Turnbury at Countryside a 350-unit community located in Clearwater, Florida, exceeded all operational expectations and thus allowed McKinley to secure supplemental financing from Fannie Mae well in advance of its anticipated target date.
“The team at Berkadia led by our good friends Ernie Katai and Justin Wheeler performed flawlessly along with our friends at Fannie Mae as they both always do,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “Once again, our Owned Multifamily team led by Albert L. Berriz, exceeded all expectations, generating exceptional revenue and net operating income gains at these communities, allowing us to execute these financings well ahead of plan,” further added Berriz.
The Indianapolis and Tampa Bay markets are core markets for McKinley, having owned and operated Multifamily communities in Indianapolis since 2001 and Central Florida since 1982.
December 26, 2017
GRAND RAPIDS, MI. - The McKinley Companies announced today the acquisition of a Triple Net Lease Asset located in Grand Rapids, Michigan. The property is occupied on a long-term lease by a Wal-Mart Supercenter, located on 28th Street SE, just off US-96 and in close proximity to the Gerald R. Ford International Airport. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise.
“As we exit our retail and office holdings, we are moving capital to Multifamily primarily, and also into high quality investment grade triple net leases. We plan to eventually rotate all of our capital into Multifamily over time as opportunities arise, and markets shift to being more of a buyer’s market,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “In the interim, our Triple Net Investments will only be of the highest credit quality and in conjunction with being extraordinarily well located real estate. The Grand Rapids location was a natural choice for us of course, it’s a market and a location we know very well and we are very pleased to have it in the portfolio,” added Berriz.
McKinley was supported by Comerica Bank in this acquisition, one of its longest commercial banking relationships it has had over the years. “Comerica is family for us, they are always there for us, and they did a terrific job on the execution of this transaction as they do in everything they do for us,” further added Berriz.
December 7, 2017
Check out this feature on Mgoblue.com about McKinley's Summer Intern. Read More
November 16, 2017
The McKinley Companies announced today the acquisition of Hampton Oaks Apartments in Gainesville, Florida for Avanath Capital Management. McKinley and Avanath have partnered over the last five years in the execution of a detailed plan to acquire and manage outstanding workforce housing and LIHTC housing developments throughout Central Florida. Avanath has three active investment funds with the goal of being the preeminent investment firm in affordable multifamily housing.
“Avanath has a dynamic and results-oriented team, making the execution of our acquisition plan a smooth process” offered Harry W. Collison, Jr, CRE, FRICS. As McKinley’s Senior Vice President and Managing Director of Acquisitions and Dispositions, Harry has worked hand in glove with Avanath’s executive team to target key acquisitions throughout Central Florida. Avanath now owns seven multifamily developments in this economically diverse geography.
Hampton Oaks was built in 2004, has 162 apartment homes and contains a mix of large two and three bedroom apartments with condo grade interior finishes. Washer and dryers are included in each floorplan. This development is next door to another Avanath-owned community named Savannah Apartment Homes on SW 62nd Street. These assets are a short distance from the campuses of the University of Florida and Santa Fe College. Additionally, the major retail corridor along Archer Road and Celebration Pointe are within minutes.
“McKinley has been extremely successful in building portfolios of assets within close proximity” added David Rohlfs, Managing Director – Institutional Real Estate. “We are immediately embarking on a $1.5 million capital renovation effort focusing on the customer experience and energy efficiencies. We will rebrand Hampton Oaks as an extension of Savannah. This allows us to create terrific economies of scale. Our Gainesville-based team members are excited to have even more quality homes available for our customers to enjoy.”
McKinley and Avanath together are proud to be a major employer and owner of multifamily real estate in the Central Florida region. We are committed to the future and well-being of the region, our customers who provide us the opportunity to serve their housing needs, and our over 500 amazing Central Florida based team members who deliver high quality service each and every day.
November 8, 2017
ORLANDO, FLORIDA - The McKinley Companies announced today the closing of $57,580,000 in total long-term financings with Fannie Mae and Key Bank for Palio Apartments, consisting of 320 units located in the Universal Orlando Theme Park submarket of Orlando, Florida, and Sailpointe Apartments, consisting of 60-units located in South Pasadena, Florida, and is part of the McKinley Beach Collection.
These financings are part of a larger strategic effort to secure and finalize long-term financings for the entire McKinley Owned Multifamily portfolio, an effort which is now almost complete. “Once again, we have secured extraordinary 15-year non-recourse long-term debt at superb rates with our friends at Key Bank and Fannie Mae,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “We were able to create significant value in a very short period of time at these recent acquisitions, and we are thrilled with the overall outcome from all perspectives,” further offered Willett.
McKinley, has actively owned and operated Multifamily communities in the Central Florida region since 1982, and is today the largest Multifamily Owner-Operator along the Interstate-4 Corridor between Orlando and Tampa. McKinley’s Multifamily portfolio is located in Daytona Beach, Orlando, Winter Park, Gainesville, Tampa, South Tampa, Hyde Park, Clearwater, South Pasadena, Gulfport, and North Redington Beach.
October 23, 2017
Champaign, IL. - The McKinley Companies announced today the sale of three Multifamily assets located in Champaign, Illinois. These assets, along with the sale of its Office and Retail portfolio comprise a larger strategic effort to transform McKinley into a Multifamily Real Estate Platform consisting of high quality, long-term, generational Multifamily assets located in Michigan, Illinois, Indiana, Georgia and Florida.
"We carefully reviewed the entire portfolio and after a disciplined and thoughtful process, it was determined that these assets did not meet our long-term expectations and could not be characterized as truly generational assets," offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. "We are in the process of rotating this capital into high quality, investment grade, triple net assets in the short-term, and then working its way into Multifamily assets for the long-term as opportunities arise in our core markets," further offered Berriz.
October 9, 2017
The McKinley Companies announced today the acquisition of a Triple Net Lease Asset located in Windermere, Florida. The property is occupied on a long-term lease by Fifth Third Bank, located in close proximity to Walt Disney World, and near many of the McKinley Multifamily holdings in the Orlando Theme Park Market. The acquisition is part of McKinley’s strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise.
“As we exit our retail and office holdings, we are moving capital to Multifamily primarily, and also into high quality investment grade triple net leases. We plan to eventually rotate all of our capital into Multifamily over time as opportunities arise, and markets shift to being more of a buyer’s market,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “In the interim, our Triple Net Investments will only be of the highest credit quality and in conjunction with being extraordinarily well located real estate. The Windermere/Disney location was a natural for us of course, it’s a core investment market for us,” added Berriz.
McKinley was supported by Comerica Bank in this acquisition, one of its longest commercial banking relationships it has had over the years. “Comerica is family for us, they are always there for us, and they did a terrific job on execution on this deal,” further added Berriz.
October 2, 2017
The McKinley Companies announced today that Royal E. (Trey) Caswell, Senior Vice President & Managing Director - Institutional Real Estate, was awarded the prestigious Counselors of Real Estate (CRE) designation. Those designated a “Counselor of Real Estate” are prominent real estate practitioners recognized for their expertise, experience, and ethics in providing advice that influences real estate decisions.
The CRE designation is awarded to those individuals who are invited by their peers into the membership of The Counselors of Real Estate, and who accept membership by fulfilling the rigorous entry requirements of the organization, including peer, employer and client review.
“We are very proud of Trey and this honor is something that speaks volumes to the countless things he has accomplished in his professional career, and the many things he will do in the future,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner.
“While honored to receive this designation, I am excited for the future interaction with my fellow professionals in the advancement of the real estate industry,” Trey noted. Adding “At McKinley, we pride ourselves on our ability to tackle real estate challenges and provide successful solutions. In my role leading our Institutional Real Estate and Development efforts, these professional connections are vital.”
CRE member Harry Collison sponsored Trey for membership based on his many years of working with Trey to solve complex real estate issues. Harry stated, "Trey will be a tremendous asset to the CRE organization and its members."
September 28, 2017
The McKinley Companies announced today the acquisition of Westshore Flats - Phase 2. This community is located contiguous to the Westshore Marina District in South Tampa, Florida and within walking distance of Westshore Flats - Phase 1, a very successful redevelopment previously acquired by McKinley. The 68-unit community will undergo extensive renovations and becomes part of the McKinley Hyde Park brand, the dominant Multifamily brand located in the Hyde Park and South Tampa districts of Tampa which consists of unique and historic luxurious apartment homes.
"We are excited to add Westshore Flats Phase 2 to the Hyde Park Brand," offered Jason Schaller, Vice President and Managing Director - McKinley Hyde Park for McKinley Companies. "We have had enormous success along Westshore Boulevard and throughout South Tampa, and we are thrilled to add this community to the many choices we offer our customers every day," further added Schaller.
The McKinley Companies secured acquisition and renovation financing from Key Bank, and it plans to secure long term financing via Key Bank as well once the renovations are complete. "Key Bank once again has done an extraordinary job with acquisition and renovation financing for us on Westshore Flats - Phase 2, and they have also done an exceptional job for us all year long in 2017 with all of our long term Multifamily needs that will exceed $185 million by year-end," offered Jim Willett, SVP & Managing Director – Finance.
The McKinley Companies currently is the dominant Owner-Operator of Multifamily communities located along the Interstate-4 Corridor of Central Florida. Central Florida is the jobs and growth engine for Florida today, and McKinley has developed a market dominant position along the corridor. The platform extends from Daytona Beach to the east, to Winter Park, Orlando, and Gainesville, and then out west to Tampa, Hyde Park, South Tampa, Clearwater, Gulfport, South Pasadena and North Redington Beach.