News
June 26, 2019
FLORIDA & MICHIGAN - McKinley announced today that it has closed on $109,000,000 of long-term Fixed Rate Financing for Bella Casa and Coconut Palms Apartments located in Florida and Manchester West, The Villas, and Traver Crossing apartments located in Michigan. All five of these apartment communities are generational investments in McKinley’s core markets of Orlando, FL and Ann Arbor/Washtenaw County, MI.
McKinley has actively owned and operated Multifamily communities in Ann Arbor/Washtenaw County since 1968 and Central Florida since 1982. Today they are the largest Multifamily Owner-Operator in Ann Arbor/Washtenaw County as well as along the Interstate-4 Corridor between Orlando and Tampa.
“We are thrilled to continue our focus of locking up long-term fixed rate debt on all of our generational real estate holdings and we are very pleased with the outcome,” offered Jim Willett, Senior Vice President & Managing Director – Finance. KeyBank Real Estate Capital and Fannie Mae partnered to deliver the financings for these five properties, as they have on many similar transactions for McKinley. “We have closed over $175 million over the past six months with KeyBank and Fannie Mae, and they have been exceptional in every single way. They are a core part of our McKinley family, and we cherish our relationship with them,” further offered Willett.
“The financing of these properties is part of our long-term plan for our generational assets,” offered Albert M. Berriz, CEO, Managing Member and Co-Owner of McKinley. “We are setting sail for a long horizon to ensure our owned assets are locked in with great financing in a market with fluctuating interest rates.”
March 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.
March 28, 2019
TIFTON, GA.- The McKinley Companies announced today the acquisition of a Triple Net investment in Tifton, Georgia. This 41,117 SF property is occupied with a long-term lease by a Walmart Neighborhood Market and is in close proximity to Abraham Baldwin Agriculture College, just off of the major I-75 Highway. The acquisition is part of McKinley's strategic direction to exit the office and retail asset classes and become primarily a Multifamily enterprise with select stable NNN properties.
"We carefully handpicked these assets to ensure the long-term stability of our portfolio and partnered with CIBC to create a fixed-rate model to support stable cash flow for a decade," offered Jim Willett Senior Vice President & Managing Director - Finance. "This property will join our other 17 NNN Assets located in Michigan, Florida, Georgia and South Carolina. We're proud of our close relationship and partnership with CIBC that allows us to structure the financing needed to ensure this portfolio can weather any storm and remain a quality investment for years to come." further offered Willett.
This acquisition is financed long-term with CIBC. The loan with CIBC offers fixed-rate financing in a rising-interest rate market, along with the optionality and flexibility needed to manage McKinley's owned Triple Net portfolio in the future.
March 27, 2019
Orlando, Florida- The McKinley Companies announced today the acquisition of Celano Apartment Homes, a 200-unit garden apartment community located in Orlando, Florida. Celano Apartment Homes joins Iris Flats, Bellagio Apartment Homes, Conway Forest Apartment Homes, East Orlando Condominiums, and Harbor Beach Apartment Homes to complement its Orlando International Airport/Downtown Orlando sub-market holdings, a sub-market McKinley has been actively owning and operating Multifamily investments in since 2008 and in Orlando since 1982. McKinley plans to undertake interior and exterior capital improvements to the community consistent with strategies successfully deployed at recently completed McKinley renovations in Orlando.
“The acquisition was part of a complex 1031 exchange transaction involving the sale of a property located in Michigan,” 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 Celano Apartment Homes in under 35 days from contract execution,” further offered Collison.
“Our company has a lot of experience in the Orlando International Airport/Downtown Orlando sub-market and we look forward to bringing Celano Apartment Homes into our McKinley family,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “Our team, led by Albert L. Berriz, Executive Vice President and Managing Director for Owned Multifamily Residential and The McKinley Companies, recently completed a comparable renovation at Iris Flats in the same sub-market. From this positive experience we have the confidence to leverage the successes we learned from Iris and create an exceptional outcome for our customers at Celano. The Owned Multifamily Team has also had enormous success at our Harbor Beach, Bellagio and Conway Forest communities exceeding all expectations” added Berriz.
“This is without question a classic generational asset that we will be very proud of for many years to come, and we will make a considerable investment in the physical plant commensurate with that long-term view to create excellence in customer experience,” further offered Berriz.
McKinley secured long term fixed rate financing for the acquisition and redevelopment of Celano Apartment Homes 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.
March 26, 2019
McKinley is a proud sponsor of the Hispanic Chamber of eCommerce and the great work they do nationwide. Please enjoy this marvelous YouTube video from our friends at @HISCEC about the great work they are doing in the community to foster growth of Hispanic businesses and the many people they employ and help every single day. Click Here
March 11, 2019
McKinley is honored to be partnered with the Taylor School District program, "Beyond Basics". CLICK HERE
February 27, 2019
Rolling Meadows just listed in Fowlerville, MI. CLICK HERE
February 26, 2019
Albert M. Berriz to sit on the Infrastructure Policy Panel March 4, 2019. CLICK HERE
February 21, 2019
ANN ARBOR, MICH.- McKinley Companies, one of the nation’s largest residential and commercial real estate development companies, is teaming up with Schoolcraft Community College to help hire and train building maintenance professionals for employment at the company’s communities throughout Ann Arbor and Ypsilanti.
Applicants are currently being sought to fill a four-week paid Maintenance Apprenticeship Program that begins on Monday, April 11, 2019. The training program was designed by the Schoolcraft Business Development department and will be led by a Schoolcraft instructor on-site at one of McKinley’s communities.
Those selected to join the program will transition into a full-time maintenance tech role with McKinley upon successful completion. The starting wage for the positions is $13.50 per hour, plus a generous benefits package for those who meet minimum qualifications.
“The first year of this apprenticeship was extremely successful. Over the last year, we have had great employee retention as well as promotions which is tremendously exciting.” said Will Epps, Associate Vice President of Operations at McKinley. “I am excited to partner with Schoolcraft for this second year of the apprentice program and continue to give back to our community by providing education and careers.”
Those interested in joining the program should attend one of two informational sessions at the Glencoe Hills Apartments clubhouse, located at 2201 Glencoe Hills Drive in Ann Arbor.
These two-hour informational sessions will be held on Thursday, March 7, 2019 (10 a.m. – 2 p.m.) and Tuesday, March 12, 2019 (3 to 5 p.m.). Each session will cover “A Day in the Life of a Building Maintenance Professional,” including a video presentation, open dialogue with industry experts, and details on compensation and benefits.
The program includes 60 hours of Schoolcraft instructor-led classes over four weeks that will focus on appliance repair, drywall installation and patching, basic plumbing and electrical repair and painting.
“Schoolcraft College Workforce Training Solutions is excited to partner with McKinley to provide this innovative work-based learning program for new property maintenance staff,” said Sandra Miller, Schoolcraft’s Business Development Center Project Coordinator. “This custom-designed program will give McKinley’s newly hired staff extensive hands-on training to ensure success in the property management maintenance field.”
Any interested candidate:
Must be 18 years old or able to obtain a work permit.
Must have access to a vehicle and hold a valid driver’s license.
Does not use drugs and must pass a drug screen and background check.
Must have good fine motor skills, like using hand/power tools and have the willingness to learn on the job.
Must enjoy providing excellent customer service for community members.
Must adhere to McKinley dress code policies, which does not allow visible tattoos or piercings.
For more information or to ask questions about the Maintenance Apprenticeship Program please call 734-274-6326.
January 8, 2019
Berkadia Completes Sale of Multifamily Property in Indiana. To read more about it CLICK HERE