For many businesses located throughout the nation the purchase or sale of real estate is a part of its operation. In some cases it is a peripheral matter. Other times however, purchasing and managing commercial properties is the point of the business. Recently two properties in the Orlando area were purchased by a business based in another state. The properties are multifamily residential apartment homes.
McKinley, the company that purchased the properties, indicated the fact that it owns several other properties in the area was one reason behind the decision to purchase Villa Capri and Bella Vita. The properties are located near the theme parks Orlando is famous for. Another incentive to purchase the real estate is their proximity to the upscale Mall at Millennia.
The apartment homes could potentially be appealing to many individuals. In addition to offering apartment homes of various sizes, the property most recently purchased, Bella Vita has pools, a fitness center and a clubhouse. McKinley indicates that it will complete renovations on both of the properties over the course of the next two years.
The purchases of both of these properties were completed in a very short amount of time when it comes to real estate matters—30 days. This is remarkable when one considers the many matters that need to be addressed in a commercial real estate transaction. The failure to address these issues properly at the outset can potentially lead to expensive real estate disputes down the line. Accordingly, it is important to work with professionals who understand how to complete such deals correctly. In many cases this includes a real estate lawyer.
Source: Multi-Housing News, “McKinley Acquires Two Orlando Communities in 30 Days,&rdquo ; Jeffrey Steele, Dec. 4, 2013