June 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.
May 25, 2016
McKinley is proud to announce Iris Flats, its newest redevelopment in the City Beautiful Portfolio, is now available for lease up. McKinley City Beautiful is a boutique collection of historic and unique apartment communities located in the Downtown Orlando neighborhoods. This community is walkable and bikeable to downtown and to Orlando Regional Medical Center, and is in close proximity to vibrant dining and local shopping in downtown Orlando.
Upon Iris Flat’s acquisition in January, 2015, McKinley immediately began renovating the 48-unit property. The newly renovated boutique community now includes upgraded spacious one bedroom flats with stainless steel appliances, granite counter tops, and wine coolers. In addition, washer-dryers were installed in all units, and a comprehensive exterior renovation of the buildings and grounds have been implemented. Iris Flat’s amenities now include a 24-hour fitness center, outdoor gourmet kitchen & grill, dog park and recycle center making this community the perfect place to call home.
"We are having great success with our boutique brands in Orlando and Tampa Bay. Developing a condo grade product that focuses on design inside and out, that are small in scale, and are located in walkable downtown locations, has really resonated with our Millennial and Baby Boomer customers alike," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Co-Managing Member. "McKinley Hyde Park in Downtown Tampa, and McKinley City Beautiful in Downtown Orlando, have shown us that our customers are seeking an alternative to the newly built ultra-luxury options in the marketplace, and the same is true of our efforts on the Barrier Islands of Pinellas County with our beachfront and bayfront brand that we call McKinley Beach. On top of creating an amazing customer experience, our communities are priced to deliver significant value when we match up with the newly built options as well. We are thrilled with the opportunity to create these new experiences and we are excited that our new brands have had such great success," added Berriz.
May 25, 2016
Michigan Business Network interviews McKinley's CEO, Albert M. Berriz at the 2016 Ann Arbor SPARK Annual Meeting. Listen Here
May 24, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the takeover of the 100% leased Troy Retail Center in Troy, Michigan. McKinley has been appointed as Manager of this 11,476 square foot new construction property, which is home to tenants such as Tom + Chee, Qdoba, and Capriotti’s. This asset is located in Troy’s retail hub on Big Beaver Road and is a neighbor to the upscale, super-regional, Sommerset Collection Mall.
“We are excited to execute the takeover of this well-positioned and important asset in Troy, Michigan. Our experienced team was able to quickly respond and seamlessly transition this property onto our platform, and we look forward to creating significant value for our owners, the community and all stakeholders involved," stated Lauren Leach, Director of Commercial Portfolio Management.
"Lauren and her team are extraordinary in all aspects for complex property transitions and takeovers. They work hard, they know the business, and they quickly generate value in all things that they do," added Matt Mason, Senior Vice President - Commercial Real Estate & Special Advisor to the CEO.
May 19, 2016
MLive highlights Ann Arbor SPARK's success in 2015 and announces McKinley as one of the winners of the "Project of the Year." Click Here
May 18, 2016
McKinley is proud to announce it has been awarded Ann Arbor SPARK’s "Project of the Year - Chair Recognition Award” for its work on the Llamasoft and TD Ameritrade lease transactions. These deals allowed McKinley to backfill the 86,000 square foot former Google space at McKinley Towne Centre in record time, retain jobs in the downtown area, and further enhance the overall viability and the quality of life in Ann Arbor. The success of this transaction was led by McKinley’s SVP & Managing Director – Finance, Jim Willett; SVP - Commercial Real Estate & Special Advisor to the C.E.O., Matthew Mason; and AVP & Director of Owned Real Estate, Chris Allen.
The “Project of the Year – Chair Recognition Award” was presented at Ann Arbor SPARK’s 2016 Annual Meeting which took place on May 12, 2016, at the Eagle Crest Marriott in Ypsilanti, MI. This year’s award was presented to five companies, all of whom were tied together in a single chain of positive action. The companies were McKinley, Llamasoft, TD Ameritrade, Google and First Martin. The award celebrates the evolution of this area’s business climate, investment, idea development, talent acquisition and being a national leader in location.
“McKinley is deeply honored to receive this recognition from Ann Arbor SPARK for our dedication to enriching our community” stated Matthew Mason. “We are pleased to continue the process of positioning Ann Arbor as a leading destination for top technology talent,” added Mason.
May 12, 2016
Mlive reports on plans submitted to the city to renovate a portion of the first floor of the McKinley Towne Centre. Read More
May 12, 2016
Cheryl Rabbitt, Senior Vice President, Tax, Accounting, Treasury and Entity Management, announced today the promotions of Lori Jacob to Corporate Controller and Treasurer and Nancy Pagliarini to Senior Tax Manager.
Ms. Jacob is responsible for enterprise cash management, entity level banking management including treasury banking relationships and all internal banking controls. She also works closely with Ms. Rabbitt on all entity and asset valuations, and leads all accounting efforts for our primary entity McKinley, Inc. as Corporate Controller. "Lori has been with us since February 2006 and she is a first class executive and accounting professional. She knows McKinley, she knows our people, and she connects extraordinarily well with all of our external relationships as well. She is pivotal to me, and she is a proven player in our world. This is a very well deserved promotion," added Rabbitt.
Ms. Pagliarini is responsible for the day to day operations of McKinley’s tax department which manages the tax compliance for over 500 entities, individuals and trusts, in multiple states nationwide. She also works closely with Ms. Rabbitt on long term strategic tax planning and management of complex transactions. “Nancy has been with us since February 2008 and has led the tax team with great success for many years. This is a very well deserved promotion and I value Nancy and her contributions immensely,” added Rabbitt.
McKinley, a $4.6 billion real estate enterprise, has operations nationwide with its core support functions operated out of it's downtown corporate campus in the Kerrytown neighborhood of Ann Arbor's Central Business District. Ms. Rabbitt leads a skilled and talented team of tax, entity management, treasury and accounting professionals with Lori and Nancy playing pivotal leadership roles on the team. "McKinley has a very complex accounting, tax, entity management and treasury platform, and Lori and Nancy not only get it, they excel in our environment, and that's a huge comfort for me having them in those roles" added Albert M. Berriz, McKinley's CEO, Co-Owner and Co-Managing Member. "I trust them, they know our world intimately, and they make things happen every single day," added Berriz.
May 6, 2016
Orlando Business Journal Features an article about McKinley's most recent purchase of Amalfi Apartments, a 252-unit community on Conroy Road just a few blocks from Universal Orlando. READ MORE
May 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.