McKinley Companies Announces its Newest Multifamily Acquisition in OrlandoMarch 29, 2019
ORLANDO, FL.- The McKinley Companies announced today the acquisition of Aria Beach Apartments, a stunning lakeside apartment community located in Orlando, Florida. This 360-unit apartment community boasts spacious floor plans, updated amenities, and beautifully upgraded interiors - including renovated kitchens, new wood vinyl floors, large patios, and washer/dryers in most homes. This community strategically sits on the beautiful Lake Fredrica, sharing the lake with its sister community Harbor Beach Apartments, and is conveniently located only 15 minutes from Downtown Orlando and the Orlando International Airport.
“The acquisition was part of a complex 1031 exchange transaction,” offered Harry Collison, Senior Vice President and Managing Director – Acquisitions and Dispositions. “In classic McKinley style and effectiveness, we were able to close on the acquisition of Aria Beach in just 30 days from contract execution,” further offered Collison.
“Our team has lots of confidence in the Airport/Downtown Orlando area and we look forward to bringing Aria Beach into our McKinley family,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “With its many amenities and beautifully spacious floorplans it is the perfect complement to our other seven communities in this submarket,” further offered Berriz. Our Owned Multifamily Team, led by Albert L. Berriz, Executive Vice President & Managing Director - Owned Residential Real Estate & McKinley Companies, has done a superb job of creating exceptional customer experiences in our various communities in this submarket, and we are excited about the many changes that will be soon be underway at Aria Beach.
McKinley secured long term fixed rate financing for the acquisition and redevelopment of Aria Beach from Canadian Imperial Bank of Commerce (CIBC). “We have had a very close relationship with the leadership team at CIBC for over three decades,” offered Berriz. “We cherish our relationship with them, they are always there for us, and they are a critical part of our McKinley family,” further offered Berriz.