Azure Winter Park issued the following announcement on Dec. 14.
The McKinley Companies announced today the acquisition of Sapphire Winter Park Apartments, a 348-unit garden apartment community located in Winter Park, Florida. Sapphire Winter Park joins Indigo Winter Park, Azure Winter Park and Serena Winter Park to complement its Winter Park holdings, a sub-market McKinley has been actively owning and operating Multifamily investments in since 1985 and in Orlando since 1982. McKinley will undertake a multimillion-dollar renovation of this community to include all brand-new condominium grade interiors, extensive exterior upgrades, as well as improvements to the amenities, market window and grounds. This major renovation effort will start immediately, and residents will enjoy very significant enhancements to their customer experience in early 2019.
“The acquisition was part of a complex 1031 exchange transaction involving the sale of a property located in Champaign, Illinois and another property located in Indianapolis, Indiana,” 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 Sapphire Winter Park in just 32 days from contract execution,” further offered Collison.
“Our team has lots of confidence in the Winter Park sub-market and we look forward to bringing Sapphire Winter Park into our McKinley family,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley. “This location as well as the very large apartment sizes available for us to work with make it a perfect addition to our Winter Park portfolio. Our team led by Albert L. Berriz, Executive Vice President and Managing Director for Owned Multifamily Residential and The McKinley Companies, really set a new standard for this sub-market with their recent efforts at Serena Winter Park. They will take a lot of those positive experiences they learned at Serena and leverage them to create an exceptional outcome for our customers at Sapphire. 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 Sapphire Winter Park 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.
Original source can be found here.
Source: Azure Winter Park