McKinley Hyde Park Brand Grows Again with Acquisition of 24th Boutique CommunityJune 6, 2016
McKinley Hyde Park announces the acquisition of Beach Flats located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Beach Flats is the twenty-fourth community that is part of McKinley Hyde Park brand, a boutique collection of historic and uniquely restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley today is the dominant owner-operator in these neighborhoods, and Beach Flats further expands that dominant footprint.
Beach Flats is an extraordinary example of Historic Florida Colonial Architecture with massive windows, flowing lines and elegant front porches allowing for great flow through ventilation. Large floor plans with natural hardwood floors, fireplaces, vaulted ceilings, extraordinary woodwork throughout, and washer-dryers in place make this an exceptional addition to the portfolio. "We will restore the historic elements true to the original design, while adding modern exterior amenities and condominium grade interiors. The kitchens and bathrooms once renovated will be stunning, and the apartments are some of the largest units we have acquired to date in Hyde Park," offered Harry Collison, McKinley's Senior Vice President and Managing Director - Acquisitions and Dispositions. Beyond the building itself, Beach Flats has an exceptional location just off prestigious Bayshore Boulevard, walkable to the river, the downtown and Tampa General Hospital. "Beach Flats sits immediately adjacent to Class A+ newly built high-rise rental communities located on Bayshore Boulevard overlooking Tampa Bay and the Downtown. Except we strongly believe that Beach Flats will deliver a more authentic and appealing alternative that is sought by the Millennials and Baby Boomers that we serve with our McKinley Hyde Park brand," further offered Collison.
Project acquisition and renovations will be financed by Key Bank, N.A. "We are excited to again work with Key Bank on this most important acquisition. They have a been a major part of the McKinley family over the years, and they have worked with us on two prior acquisitions in Hyde Park," offered Jim Willett, McKinley's Senior Vice President & Managing Director – Finance. "This acquisition was another example of our ability to close very quickly with our own capital in advance of the funding by Key Bank, and Harry Collison and I were able to custom tailor what the seller needed to make this happen seamlessly and efficiently for them and for us," added Willett. Another key element in this acquisition was McKinley's reputation in the marketplace. "We always do exactly what we say we are going to do, and in record time. Everyone knows that when McKinley comes to the closing table, we deliver 100% of the time as agreed, and that's a big comfort to sellers in this marketplace," further added Willett and Collison.
“McKinley Hyde Park represents the very best of authentic and historic apartment living in traditional neighborhoods within the heart of downtown,” said Albert M. Berriz, CEO, Co-Owner and Co-Managing Member. “Each community has been carefully curated to ensure that the brand delivers and exceeds expectations. We thoughtfully approach each building with an eye to detail that is sure to please the most discerning customers,” Berriz further offered. McKinley Hyde Park also leverages the talent, resources and history of McKinley's dominant workforce housing platform located in Orlando, Gainesville, Daytona Beach and the Tampa Bay markets operated under its core McKinley brand, and its other boutique luxury brands including McKinley City Beautiful in Downtown Orlando, and McKinley Beach along the barrier islands of Pinellas County. McKinley today is the largest owner-operator of Multifamily communities along the Interstate-4 corridor in Central Florida. "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.