Tampa, Fla.—McKinley has acquired Carlyle Flats, a 23-apartment home community in the South Tampa’s Hyde Park neighborhood.
“We’re sort of contrarian compared to what everyone else is doing; everyone else is focused on brand-new and ground up, but we’re going in a different direction with historic buildings,” Albert Berriz, McKinley’s CEO, told MHN. “Most of the buildings we are buying are in tough shape. We’re bringing them back to condo-grade so we’re giving people who would otherwise have to rent in these high-rises, a choice of a different feel.”
The property expands the company’s presence in the area as it already owns a boutique collection of 17 historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods.
“We are very proud that McKinley Hyde Park today is the dominant brand in the Hyde Park/South Tampa market, and Carlyle Flats provides our customers with another great choice,” Berriz said. “We are working very hard to reposition assets, with extensive renovations now complete at Hyde Park Flats and Piccadilly Flats, and nearing completion at Parkland Flats and Brooklyn Flats. We are excited with our progress, and we anticipate sharing further important updates about our expansion efforts in Hyde Park in the very near future.”
Located at the intersection of Armenia Avenue and Platt Street, Carlyle Flats features a mix of one- and two-bedroom apartments with a private pool and courtyard setting.
It is close to award-winning restaurants and many of the amenities that is making Hyde Park such a popular destination.
“The property itself is in one of the most historic parks, across the street from a 50,000-square-foot grocery store with restaurants, a bakery and deli, so it has great support retail,” Berriz said. “We liked it too because our portfolio in Hyde Park is made up of historic buildings and this is a classic historic building that we are going to renovate in speckle style.”
According to Berriz, the community will undergo an intensive renovation, and while they aren’t able to offer new indoor amenities, they do have plans for many outdoor ones. When completed, Carlyle Flats will feature three expansive outdoor courtyards including one outdoor kitchen, a resort-style pool, fire pit with Adirondack chairs and bike shelters.
“Design is a big driver and we are very focused on respecting the original design and the historic architecture,” he said. “We’re gutting the units and everything will be brand new. Inside, we are focused on restoring them to condo-grade so they are getting everything they would be getting in a ground-up building. The appliance package is top-of-the-line, all brand new flooring, all stone counter tops; we’ve gone the extra mile to make them special on the inside.”