McKinley Expands Massive Multifamily Platform with Acquisition of its Ninth Community in Universal Orlando Market and Fifty-Third Community Along Florida's Interstate 4 CorridorMay 5, 2016
McKinley has acquired Amalfi Apartments (formerly Serrano) on Conroy Road, a 252-unit community located blocks from Universal Orlando. The acquisition was led by Harry Collison who has steered the forward motion efforts in Florida for McKinley and Albert M. Berriz for over three decades. “Harry is instrumental to everything we do in Florida, and he was with me when we purchased our first land parcel in 1982 in the Universal Orlando market,” offered Albert M. Berriz, McKinley’s CEO, Co-Owner and Co-Managing Member. Working with Harry was CBRE's Orlando Team led by Shelton Granade, Luke Wickham, and Justin Basquill exclusively representing the seller in the transaction.
McKinley owns nine communities in the immediate market adjacent to Universal Orlando and operates a total of eleven communities in that sub-market as well. "The Orlando Theme Park markets, and the Universal Orlando sub-market in particular, have always been core to our investment strategy having acquired our initial investment in this specific sub-market in 1982. The planned expansion of Universal Orlando, and the redevelopment occurring along the corridor that is the north end of International Drive, bodes very well for the long term need for high quality workforce housing into the future" offered Royal E. Caswell, McKinley's Senior Vice President and Managing Director - Residential Redevelopment.
McKinley plans extensive renovations at Amalfi which will include delivering condominium grade unit interiors, adding in-home washers and dryers, and creating market-leading amenities including a Pet Care Center, a secure indoor bike facility, bocce ball court, outdoor dining and bar/kitchen area, an outdoor living area with fire pit, pet walk area, a nature walk and lakefront beach. These amenities will complement an expanded fitness facility, an indoor kitchen/great room for resident parties, pool and tennis courts. Renovations also include a comprehensive overhaul of site signage, landscaping and site lighting. "We expect Amalfi to be the very best example of quality workforce housing we have ever redeveloped and offered in Central Florida," offered Andrew A. Berriz, McKinley's Special Projects Director who will be responsible for the design and redevelopment of the project. "We will deliver an extraordinary value to our customers just minutes away from their jobs at Universal Orlando, the Orange County Convention Center, and one of the largest concentrations of tourist commercial hospitality infrastructure anywhere in the world," added Berriz.
Project acquisition and renovation is being financed by a consortium of The PrivateBank and Bank of Ann Arbor. Renovations will commence immediately, and are planned to be completed within twelve (12) months. "Bank of Ann Arbor and The PrivateBank are core long term McKinley relationships and we are thrilled that they have come together to work with us on this most exciting project," offered Jim Willett, Senior Vice President & Managing Director – Finance. "We will work quickly to complete this phase of our investment plan, and then move to long term financing in the near future as is typical for all of our investments," added Willett.
McKinley is uniquely positioned with a dominant workforce housing platform in the Orlando, Gainesville, Daytona Beach and Tampa Bay markets operated under its core McKinley brand, and it also operates its boutique luxury brands including McKinley City Beautiful in Downtown Orlando, McKinley Hyde Park in Downtown Tampa and McKinley Beach along the barrier islands of Pinellas County. "As we look forward ten, twenty and thirty years, we are excited about what the future will bring for these investments, and we are proud of what has been accomplished by our amazing team," offered Albert M. 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.