Purchase represents its fifth acquisition in the last 12 months totaling over 2,000 rental units, with Blue Rock’s Tampa Bay/Lakeland/Orlando portfolio now surpassing 6,000 units
TAMPA, FLA. (Sept. 9, 2013) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, acquired the 220-unit Madison at Lake Gibson apartments in Lakeland, Fla., for $11,960,000, announced Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners. The latest purchase closed on September 6 represents its fifth acquisition in the last 12 months totaling over 2,000 rental units, with Blue Rock’s Tampa Bay/Lakeland/Orlando portfolio now surpassing 6,000 units. Located at 5233 US Highway 98 N, the Madison community will be re-branded and marketed as The Park at Cortona.
Ferreira added that the partnership will invest another $1.8 million in exterior renovations over the next 12 months combined with interior renovations over the next 24 months. Cushman & Wakefield brokered the transaction and Lake Gibson Apartment Associates Limited Partnership was the seller. BB&T was the lender. Elaborating, Ferreira added that the partnership views Madison at Lake Gibson as one of the most attractive properties in the Lakeland market. Conveniently located near Lakeland Square Mall, the community also offers easy access to and from Interstate 4 and offers excellent add-value opportunity within Lakeland’s growing economic climate.
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, Lakeland 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.”
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.
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.
* * *