With its latest purchase, Blue Rock’s acquisitions surpass 6,000 units in Tampa Bay and Orlando
TAMPA, FLA. (December 26, 2012) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, acquired a multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland for $66 million, announced Randy X. Ferreira, CPM, Principal/Owner of Blue Rock Partners. With its latest purchase closed on December 19, Blue Rocks’ acquisitions surpass 6,000 units in Tampa Bay and Orlando, he added. Elaborating, Ferreira said Blue Rock will invest another $9 million in improvements into its newly-acquired portfolio. The 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments are ideally located less than one-half mile from Westfield Brandon Shopping Mall, and both are being rebranded and marketed as Park at Siena. Additionally, the 236-unit Martin’s Landing Apartments located at 3520 Cleveland Heights Boulevard in Lakeland will undergo improvements and will be marketed as Park at Verona. Ferreira stated that Blue Rock continues to build its portfolio through strategic acquisition of value-added and stabilized apartment properties, and that he foresees additional acquisitions in the near future. Marcus & Millichap National Multi-Housing Group, Tampa, brokered the transactions.
The partnership’s more aggressive purchasing mode began in 2009 when Konover South, an affiliate of The Simon Konover Company, West Hartford, Conn., acquired a strategic stake in Blue Rock Partners. David Coppa is Principal and Chief Executive Officer of Konover South, LLC, based in Deerfield Beach, Fla. Soon afterward, the partnership acquired the 390-unit Park at Dorchester and 204-unit Park at Knightsbridge, both in Brandon, Fla. In late 2011, the partners acquired an additional 1,086 Tampa Bay units. Included was its $15.5 million acquisition of the 224-unit Park at Windsor located in prestigious Carrollwood at 4949 Marbrisa Drive in Tampa. Also recently, the partnership acquired the 244-unit Palm Grove Apartment Homes located at 5039 Chalet Court near E. Busch Blvd. and N. 50th Street in Tampa, which has been rebranded and marketed as Park at Chesterfield. The partnership also purchased and rebranded four Orlando-area communities including the 344-unit Park at Cambridge, the 288-unit Park at Sutton Place, the 208-unit Park at Sorrento and the 168-unit Park at Canterbury.
Ferreira stated “Blue Rock’s accelerated investments in the Tampa Bay and Orlando markets underscores our confidence in the region. It also advances our mission to own, operate, manage and lease apartment communities with an obsession for excellence.” Also, Ferreira added that Blue Rock and Konover South offer “third-party” services such as property management, leasing and accounting services to owner-operators of multifamily, office and retail properties throughout Florida.
Blue Rock Partners’ rising star on the national stage has not gone unnoticed, having been featured in an article titled “One To Watch” in Multifamily Executive magazine. It showcased the company as seeing “tremendous opportunity to acquire value-added apartment properties throughout Florida.”
Blue Rock Partners’ headquarters is located at 9260 Bay Plaza Boulevard, Suite 501, Tampa, Fla., phone 813-620-0800. Visit Blue Rock Partners’ website at www.bluerockpartnersllc.com. Konover South, LLC, is headquartered at 431 Fairway Drive, Deerfield Beach, Fla., phone 954-354-8282. Visit the company’s website at www.konoversouth.com.
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Photo attached: Randy X. Ferreira, CPM, Principal/Owner, Blue Rock Partners, LLC
Photo attached: David Coppa, Principal and Chief Executive Officer, Konover South, LLC
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