McKinley Expands Dominant Footprint Of Its Orlando Multifamily Theme Park Portfolio

November 6, 2013

Orlando, Florida McKinley acquires Bella Capri, a 248 unit garden apartment community formerly known as Mission Pointe Apartments located in Orlando, Florida. Bella Capri joins eleven garden apartment communities in the theme park sub-market including eight McKinley "Owned and Managed" communities, and three communities operated by our Institutional Residential Real Estate team for what is the single largest assembly of multifamily owned and managed real estate between Disney and Universal Studios in Southwest Orlando. McKinley has been actively investing in the Southwest Orlando market since 1982, and today is one of the single largest owner-operators of multifamily real estate in Central Florida.

McKinley continues to expand its dominant footprint along the Interstate-4 Corridor to Tampa and the Interstate-75 Corridor to Gainesville along transportation triangle between Orlando, Tampa and Gainesville. Central Florida now joins Metropolitan Ann Arbor as McKinleys largest multifamily concentration, and McKinley anticipates this expansion to continue in Central Florida and at some point exceed its market position in Ann Arbor, Michigan.

Bella Capri has one, two and three bedroom apartment homes located just two blocks from The Mall at Millenia, an ultra-luxury indoor mall which includes world class retailers such as Apple, Neiman Marcus, Chanel, Yves Saint Laurent, Macy's, lululemon athletica and Bloomingdales. A few blocks to the west of Bella Capri is Universal Studios Orlando which includes Universal Islands of Adventure and the Wizarding World of Harry Potter, plus the latest Transformers 3-D Experience.

We have invested in Orlando with conviction for the past 30 years and will continue to do so for the next 30 years and beyond, states Albert M. Berriz, Chief Executive Officer. Mr. Berriz went on to say, These are generational assets operated by an extraordinary and experienced management team that is executing at the highest level which further adds to our conviction.

Comerica Commercial Real Estate is providing the acquisition financing for this transaction and Berkadia Commercial Mortgage is providing HUD long-term financing. Comerica and Berkadia are terrific financial partners and they are key to our strategic acquisition efforts, added Berriz.