Multifamily owner-operator McKinley closed Tuesday on its 23rd property in Greater Orlando and third in Winter Park, buying the 120-unit Howell Crossing Apartments with a thorough renovation planned over the next six months.
Located at 2890 Red Lion Square on the Seminole County side of Winter Park, the 8.49-acre property lies northwest of the intersection of Howell Branch and Lake Howell roads.
Built in 1974, the 120 units are spread across 18 one- and two-story buildings. The property will be rebranded as Winter Park Flats by the company.
The outgoing owner is an affiliate of Grace Properties Realty and GP Investments of Orlando, Inc., managed by licensed real estate broker Andrea G. Holcomb.
Holcomb's company last paid $2.17 million in 1980 for the property.
McKinley did not disclose its purchase price, and outgoing owner Holcomb did not respond to requests for comment. The sale deed was not recorded in Seminole County as of Tuesday afternoon.
Harry Collison, McKinley's senior vice president and managing director for acquisitions and dispositions, lives in Winter Park and was able to cultivate this off-market transaction through a long-term brokerage relationship, the company said.
The property is located on the northern end of Winter Park in a residential setting, and is 3.1 miles to Full Sail University and 4.2 miles to Rollins College.
McKinley plans immediate renovations that will include exterior painting, signage, landscaping, paving, amenity and sales center enhancements within six months of takeover, along with an overall brand makeover for the property.
McKinley sourced a mortgage from Comerica Bank to help finance the acquisition, a long-standing lending relationship for the companies that were each founded in Michigan.