Represents partnership’s 11th Tampa Bay/Orlando apartment acquisition in past four years totaling 3,568 units
TAMPA, FLA. (July 29, 2013) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, acquired the 256-unit Sailpointe at Lake Monroe apartments in Sanford, Fla., for $18.5 million which will be re-branded and marketed as The Park at Ravello, announced Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners. Located directly on the Riverwalk and just steps from the Marina, Sailpointe’s purchase represents the partnership’s 11th Tampa Bay/Orlando apartment acquisition in the past four years totaling 3,568 units. With this latest purchase closed on July 24, Blue Rock now owns 1,816 Orlando-area rental units in six communities, with five communities totaling 1,264 units owned by the partnership with Konover South. Blue Rock also owns 3,976 Tampa Bay rental units in 12 communities, with six communities totaling 2,304 units owned by the partnership.
Ferreira added that the partnership views Sailpointe as one of the most attractive properties in Central Florida’s Sanford submarket with its lakefront location within walking distance to the historic district’s trendy shops and restaurants. Located at 401 W. Seminole Blvd., the community also offers easy access from Interstate 4 and is a short walk to Central Florida Regional Hospital, the Seminole County Courthouse, Sanford City Hall and more. He added that the partnership will invest another $1.8 million in exterior painting, parking, gated entry, signage, a fitness facility, business center and coffee bar over the next six to 12 months, plus countertops, cabinets, flooring and lighting over the next 12 to 18 months. Shelton Granade of CBRE, Orlando, brokered the transaction and Robbins Associates was the seller. Prime Capital was the lender.
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. He added “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 rental communities with an obsession for excellence that is second to none. Blue Rock also offers third-party property management, leasing and accounting services to owner-operators of multifamily, office and retail properties throughout Florida.”
In December 2012, the Blue Rock/Konover South partnership acquired a $66 million multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland. 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 The Park at Siena. Additionally, the 236-unit Martin’s Landing Apartments located at 3520 Cleveland Heights Boulevard in Lakeland is undergoing improvements and is being marketed as The Park at Verona.
In a separate acquisition closed on June 20, 2013, Blue Rock Partners, in conjunction with Goff Capital Partners, acquired the 366-unit Westbury at Lake Brandon apartments, Brandon, at a cost of $38.8 million, as previously announced by Reuven Oded, Principal/Owner of Blue Rock Partners.
The aggressive purchasing mode by the Blue Rock/Konover South partnership 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.
Konover South, LLC, is a fully integrated acquisition, development and management company operating throughout the southeastern and midwestern United States. The company is an affiliate of The Simon Konover Company, West Hartford, Conn., which was founded by legendary developer and philanthropist Simon Konover in 1959.
The Simon Konover Company is a full-service real estate organization providing superior service and expertise to Konover-related entitles, as well as third-party owners and investors. Through its diverse operating companies, the Konover organization has developed or acquired approximately 10,000 apartments in over 50 communities, over 150 shopping centers totaling 15 million square feet, 2.7 million square feet of office and industrial properties, and operates 16 hotels totaling approximately 2,000 rooms.
Blue Rock Partners’ headquarters is located at 9260 Bay Plaza Boulevard, Suite 501, Tampa, Fla. 33619, 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. Visit the company’s website at www.konoversouth.com.
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