TAMPA, FLA. (Sept. 15, 2014) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, last week closed the purchase of its second Orlando value-add apartment community in five weeks, increasing its seven Orlando-area holdings to over 2,200 units. With its $14.2 million purchase of the 194-unit Colonial Ridge Apartment Homes located at 649 Cannon Ridge Drive, Blue Rock now owns nearly 1,700 Orlando-area units in partnership with Konover South. Representing a price per unit of $73,196, the purchase is the latest of the partnership’s five Florida acquisitions in the past seven months totaling over 1,200 units. “With 11 Florida acquisitions in the past 19 months totaling nearly 3,200 units, our partnership has now grown our Florida holdings to 7,200 units,” Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners, told globest.com’s Jennifer LeClaire. Ferreira added that the partnership’s Florida portfolio in Tampa Bay, Lakeland, Fort Myers and Orlando has grown by over 75 percent since January 2013.
Ferreira added that the partnership will invest another $1.5 million in interior and exterior upgrades, and will re-brand and market the community as The Park at Milano. Franklin Street, Tampa, brokered the transaction.
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.