May 2, 2016
McKinley Hyde Park announces the acquisition of Amelia Flats located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Amelia Flats is the twenty third community part of McKinley Hyde Park brand, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley today is the dominant owner-operator in these neighborhoods, and Amelia Flats further expands that footprint.
Amelia Flats is a classic Florida Spanish revival building typical of what was being built in Hyde Park in the early 1900's. Large floor plans with natural hardwood floors and expansive windows allow significant natural light. "We will restore the historic elements true to the original design, while adding modern amenities like washers and dryers and condominium grade interiors. The kitchens are large and the apartments flow very well, and they have large porches in each apartment, allowing for flow through ventilation and a unique outdoor living space," offered Jason Schaller, McKinley's executive in charge of property management and renovations for the Hyde Park brand. "I love this building because we will have a great opportunity to bring it back to life with period appropriate elements, and authentic materials that are true to the original architecture and design. This includes mission barrel clay tiles, ornamental details, and classic Spanish stucco colors and features which are all part of our design and restoration plan."
Beyond the building itself, Amelia Flats has an exceptional location in the Design District of Hyde Park. "This is the ultimate walkable location for our clientele, right in the heart of the Design District" offered Mary S. Williams, McKinley's executive in charge of customer relations and sales for the Hyde Park brand. "Our residents can literally walk out their door and within one block dine at Datz and Dough, Cru, BT and shop at the many unique retail boutiques and art galleries in the trendy Design District. Just a few blocks beyond that sits Bayshore Boulevard, the longest continuous waterfront walk connecting to Tampa General Hospital and the Amelie Arena downtown and home of the Bolts, and it's perfect for jogging, biking, walking and kayaking, which fits with our customers heathy living lifestyle," added Williams.
“McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown,” said Albert M. Berriz, CEO, Co-Owner and Co-Managing Member. “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,” he 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 brands including McKinley City Beautiful in Downtown Orlando, and McKinley Beach along the barrier islands of Pinellas County.
"An important feature of this opportunity, was that it came to us an off market distressed bank foreclosure sale. We have the expertise and capital to move quickly, and given the level of very serious issues impacting this property, this was a great example of our team's ability to close and on-board distressed transactions" offered Berriz. "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.