McKinley Avanath Acquires Seventh Central Florida AssetNovember 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.