McKinley Companies Expands Massive Central Florida Multifamily Platform with Acquisition of Westshore Flats Phase 2September 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.