Tampa-based Blue Rock Partners, LLC, on January 22 entered Fort Myers market with its closing on prime $28,150,000, 512-unit multifamily portfolio including Reflections and The Place at Summerlin apartments
Purchase represents the partnership’s 7th and 8th Florida apartment acquisition in just over a year totaling over 2,500 rental units
TAMPA, FLA. (January 27, 2014) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, on January 22 entered the Fort Myers market with its closing on a prime $28,150,000, 512-unit multifamily portfolio, announced Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners. Ferreira added that the two rental communities, Reflections, located at 3891 Solomon Boulevard, and The Place at Summerlin, located at 4757 Barkley Circle, will be re-branded and marketed as The Park at Veneto and The Park at Murano, respectively. Noting that Fort Myers ranks among the nation’s top markets for annual rent growth and employment outlook, Ferreira stated that the properties, with occupancies around 95 percent, offer great value-add appeal, and that the partnership will invest another $4.3 million in renovations. Hampton Beebe of ARA South Florida brokered the transaction, and IMT was the seller. ARES was the lender.
The purchase represents the partnership’s seventh and eighth Florida apartment acquisition in just over a year totaling over 2,500 rental units. With its latest acquisitions in Fort Myers, Blue Rock’s Florida portfolio in Tampa Bay, Lakeland, Orlando and Fort Myers has grown by more than fifty percent this past year and now surpasses 6,500 units.
Blue Rock Partners’ headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla., phone 813-620-0800. Visit Blue Rock Partners’ website at www.bluerockpartnersllc.com. Konover South, LLC, is led by David Coppa, Chief Executive Officer, and is headquartered at 431 Fairway Drive, Deerfield Beach, Fla. Visit the company’s website at www.konoversouth.com.
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