TAMPA, FLA. (July 24, 2014) – Tampa-basedBlue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, in July continued its aggressive buying spree, closing its third and fourth Florida apartment communities in 2014 totaling 1,000 units. “Representing our ninth and tenth Florida acquisitions in the past 18 months totaling nearly 3,000 units, our partnership has now grown our Florida holdings to 7,000 units,” said Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners. With its latest acquisitions, Ferreira added that the partnership’s Florida portfolio has grown by 75 percent since January 2013.
Elaborating, Ferreira said the partnership on July 23 closed its purchase of the prime $16.1 million, 288-unit Montego Bay Apartment Homes in Fort Myers, and closed its $11.4 million purchase of the 200-unit Palm Harbor Apartment Homes in Orlando on July 14. Stating that the properties offer great value-add appeal, he said that the partnership is investing another $4.5 million in improvements and is re-branding and marketing the communities as The Park at Positano and The Park at Salerno, respectively. In January, the partnershipentered the Fort Myers market with its closing on a prime $28,150,000, 512-unit multifamily portfolio consisting of two rental communities that have been re-branded and marketed as The Park at Murano and The Park at Veneto. Both the Montego Bay and Palm Harbor acquisitions were off-market transactions, Ferreira confirmed.
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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