News
May 2, 2016
McKinley Hyde Park announces the acquisition of Amelia Flats located within the historic neighborhood of Hyde Park, Downtown Tampa, Florida. Amelia Flats is the twenty third community part of McKinley Hyde Park brand, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley today is the dominant owner-operator in these neighborhoods, and Amelia Flats further expands that footprint.
Amelia Flats is a classic Florida Spanish revival building typical of what was being built in Hyde Park in the early 1900's. Large floor plans with natural hardwood floors and expansive windows allow significant natural light. "We will restore the historic elements true to the original design, while adding modern amenities like washers and dryers and condominium grade interiors. The kitchens are large and the apartments flow very well, and they have large porches in each apartment, allowing for flow through ventilation and a unique outdoor living space," offered Jason Schaller, McKinley's executive in charge of property management and renovations for the Hyde Park brand. "I love this building because we will have a great opportunity to bring it back to life with period appropriate elements, and authentic materials that are true to the original architecture and design. This includes mission barrel clay tiles, ornamental details, and classic Spanish stucco colors and features which are all part of our design and restoration plan."
Beyond the building itself, Amelia Flats has an exceptional location in the Design District of Hyde Park. "This is the ultimate walkable location for our clientele, right in the heart of the Design District" offered Mary S. Williams, McKinley's executive in charge of customer relations and sales for the Hyde Park brand. "Our residents can literally walk out their door and within one block dine at Datz and Dough, Cru, BT and shop at the many unique retail boutiques and art galleries in the trendy Design District. Just a few blocks beyond that sits Bayshore Boulevard, the longest continuous waterfront walk connecting to Tampa General Hospital and the Amelie Arena downtown and home of the Bolts, and it's perfect for jogging, biking, walking and kayaking, which fits with our customers heathy living lifestyle," added Williams.
“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,” he 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.
"An important feature of this opportunity, was that it came to us an off market distressed bank foreclosure sale. We have the expertise and capital to move quickly, and given the level of very serious issues impacting this property, this was a great example of our team's ability to close and on-board distressed transactions" offered 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.
April 28, 2016
McKinley Hyde Park announces the acquisition of Estancia Flats, Miramar Flats and Willow Flats II, all located within the historic neighborhoods of Hyde Park, Downtown Tampa, Florida. Each one of these unique communities adds something special to the McKinley Hyde Park brand, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. McKinley today is the dominant owner-operator in these neighborhoods with twenty-two owned communities.
Estancia Flats offers large two-bedroom apartment homes with expansive grounds and on site parking. These secluded ranch-style homes will feature interior condominium finishes, and will offer the full complement of McKinley Hyde Park amenities including outdoor kitchen, bocce ball court, fire pit with Adirondack chairs and bike storage. The community is a short walk to Tampa Bay and Bayshore Boulevard, and is also conveniently located near all of the retail and dining options in the eclectic Design District. Estancia Flats is the 20th community in the McKinley Hyde Park collection.
Miramar Flats is located at the corner of San Pedro and Concord Ave across from the well-known Roosevelt Elementary School. This historic building features soaring ceilings, period transom windows and large one-bedroom floor plans. Miramar Flats offers classic Spanish architectural design typical of many buildings built in Hyde Park during the 1920's, 30's and 40's. Renovations will include restoration of the original flooring, condominium grade interiors, and the creation of outdoor living spaces. Customers will experience old Florida living, with modern Florida advantages. Miramar Flats is the 21st community in the McKinley Hyde Park collection.
Willow Flats II is located adjacent to McKinley Hyde Park's existing community Willow Flats, and these communities will be merged and operated as one community. It offers very unique studio, one bedroom and bungalow homes across from highly regarded Mitchell Elementary, it's a short distance to Tampa General Hospital, and the many dining and retail options in SoHo along Howard. This community has a gorgeous tree canopy and also offers covered parking. Willow Flats II is the 22nd community in the McKinley Hyde Park collection.
"These three communities provide tremendous options and choices for our customers, and we will make significant investments and upgrades at these communities like we are making throughout Hyde Park" stated Jason Schaller, McKinley's executive in charge of property management and renovations for the Hyde Park brand, who will be partnering with Andrew A. Berriz, McKinley's Special Projects Director, on the design and execution of these historic renovations. "Design is a key driver in creating value and meeting the demanding needs of our customers" added Schaller. "We have carefully envisioned, designed and hand crafted every single detail to ensure these communities merit addition to our unique brand, which gives our customers best in class amenities, condominium grade interiors, privacy, exterior improvements respectful of the history of the neighborhood, and a walkable urban setting in the heart of great dining, shopping and the many outdoor experiences available throughout Hyde Park," added Andrew A. Berriz. As of today, Schaller, Berriz and Mary S. Williams, McKinley's executive in charge of Customer Relations and Sales for the Hyde Park brand, are on the ground assuming responsibility for the new communities, and welcoming new customers to the McKinley Hyde Park style of living.
“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,” he 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. "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 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 future of Central Florida," added Berriz.
April 25, 2016
McKinley has completed the redevelopment of El Mar luxury beachfront apartments in North Reddington Beach, and Bayside Villas East luxury bayfront apartments in South Pasadena, Florida. McKinley Beach now owns six luxury communities along the barrier islands of Pinellas County in the Tampa Bay Region. "The McKinley Beach brand came to life at Seaside Villas Apartments, our first beachfront and bayfront community located in Gulfport, Florida, which has been a huge success," offered Albert L. Berriz, McKinley's Vice President & Managing Director, who leads McKinley Owned Multifamily business nationwide. "El Mar and Bayside Villas East are very unique communities with the highest quality finishes and amenities, along with exceptional waterfront locations, allowing us to further expand our dominant footprint along the barrier islands of Pinellas County," offered Berriz.
Project acquisition and renovation financing at El Mar has been provided by Comerica Bank, and at Bayside Villas East by The Private Bank. "Comerica Bank and The Private Bank are core long term McKinley relationships, and they have provided us over $300 million in acquisition/renovation financing over the past few years," offered Jim Willett, McKinley's VP Finance & Treasurer. "They understand our business model, they are with us every step of the way, and they are a key part of our McKinley family and team," added Willett.
McKinley's expertise and ability to execute very complex renovations and redevelopments has been an essential part of the success. "Developing, redeveloping and renovating projects along the barrier islands of Pinellas County is very complex with FEMA, county coastal development restrictions and the various other restrictive requirements in place. Our unique ability to deliver assets in that environment with such high barriers to entry allows us to compete effectively in a market with limited supply," offered Andrew A. Berriz, McKinley's Special Projects Director, who has been responsible for redevelopment of both projects. "We have delivered a luxury condominium grade option at a basis that works for us, and that meets the needs of our very discriminating customers," further added Berriz.
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, CEO, Co-Owner and Co-Managing Member. "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 future of Central Florida," added Berriz.
April 22, 2016
Crain's Detriot Business shares how McKinley's newest tenant at the McKinley Towne Centre, ThinkTech Inc., a technology subsidiary of TD Ameritrade, will bring 75 new jobs to the Ann Arbor Area. READ MORE
April 20, 2016
SPARK @nn Arbor USA shares how the McKinley Towne Centre's newest tenant, TD Ameritrade, will be creating new jobs in Michigan. READ MORE
April 7, 2016
McKinley Hyde Park announces the acquisition of Ivy Flats located within the historic neighborhoods of Hyde Park and Palma Ceia. Ivy Flats is the newest addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. This majestic building is situated at the corner of Estrella St. and Obrapria St., and offers a classic Spanish architectural design typical of many buildings built in Hyde Park during the 1920's, 30's and 40's. Ivy Flats is the 19th community in the McKinley Hyde Park collection, and further expands the very unique choices available to its customers.
"Ivy Flats has an exceptional location bridging the Palma Ceia and Hyde Park neighborhoods. It has charming and spacious one-bedroom apartment homes with magnificent ten foot ceilings and wood floors, and we will make significant investments and upgrades at this community like we are making at all of our Hyde Park communities," stated Kenneth P. Polsinelli, Chief Real Estate Officer. “Residents appreciate our historically relevant renovations in combination with our thoughtful modern touches. Our ability to close very quickly, and complete a detailed property review very efficiently, makes it a win-win for us as the buyer and for the seller as well. Once again, The PrivateBank was along our side as we closed this transaction in record time," added Polsinelli.
“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, Chief Executive Officer. “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,” he further offered.
March 16, 2016
MLive reports that the Ann Arbor Planning Commission will forward McKinley's proposed 68-unit apartment complex, known as Liberty Flats, to the Ann Arbor City Council. CLICK HERE
March 15, 2016
MLive features McKinley in an article about it's proposed $9M apartment complex on Ann Arbor's west side. CLICK HERE
March 14, 2016
CRE Radio talked Affordable Housing with Albert Berriz and Darryl Carter. Live, Interactive TV on March 11th. LISTEN HERE
March 8, 2016
McKinley is pleased to announce that it recently completed the acquisition of four NNN assets on behalf of a private client pursuant to a 1031 tax-deferred exchange. McKinley served as real estate advisor for the initial disposition, and the subsequent identification, due diligence, acquisition, financing and ongoing management of a portfolio of NNN assets that will generate a current yield while preserving favorable tax treatment.
The four properties acquired include Aspen Dental in Inverness, FL, Pei Wei and Mattress One in Winter Garden, FL, Just Brakes in Tampa, FL and Taco Bell in Orlando, FL. All leases are long-term leases in newly constructed or renovated buildings. Financing for the transactions was provided by KeyBank, N.A.
“Our team moved quickly to identify and acquire this strong portfolio of assets” offered Kenneth P. Polsinelli, Chief Real Estate Officer. “They operated within a tight timeline, with a specific target price and closed on all four assets simultaneously in just 90 days from the disposition date,” he further added.
“We were very surgical in our approach, and we were able to coordinate the exchange agent, legal review and all third party requirements for these four purchases in this compressed timeline,” said James Willett, Treasurer. “Our team has a deep understanding of the structure and complexities of the transaction, and we were well organized to deliver an exceptional result for our client,” he stated.