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.
May 5, 2017
McKinley's Institutional Commercial Real Estate Team (ICRE) announced today the takeover of Georgetown Plaza, a 111,600 square center in Indianapolis, Indiana. This center is home to tenants such as Family Dollar and Value World and is 65% occupied. This takeover marks the 13th takeover in the state of Indiana for McKinley.
Spearheading the takeover efforts is the new leader of McKinley’s ICRE team, Royal (Trey) E. Caswell III, Senior Vice President & Managing Director, Institutional Real Estate. Royal has significant expertise in assisting institutional clients in the workout of distressed shopping centers, office buildings and industrial buildings throughout the United States. Including the management of his team, his duties include Asset and Commercial portfolio management and redevelopment, lease negotiation, risk management and acquisition and disposition of new assets.
“This is a distressed shopping center assignment for a bankruptcy trustee. The McKinley team looks forward to a quick physical repositioning of this neglected asset,” offered Royal “Trey” Caswell, McKinley’s Senior Vice President. “This asset serves a need in the sub-market and we will have an immediate impact for both customers and tenants,” said Caswell.
"Trey is obviously a very experienced commercial real estate executive and McKinley leader having founded and started this group initially in 2001. He also led our Owned Commercial Team (OCRE) as well for over a decade" offered Berriz. "I am thrilled that Trey is back in the driver’s seat leading this team, he makes things happen and he can generate real results for our institutional clients," added Berriz. "Trey started with me in 2000 and he has personally handled some of the most complex multifamily and commercial workouts, bankruptcies and receiverships we have ever dealt with working on behalf of our institutional clients, he is in the field, he is a true detailed oriented guy, and this is great news for our entire ICRE team," further added Berriz.
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.