A leading investment and management company, Blue Rock Partners owns and manages over 10,000 apartment units in Tampa, Lakeland, Fort Myers and Orlando, Fla., Atlanta, Ga., and Birmingham, Ala., either solely or through various partnerships
TAMPA, FLA. (Nov. 19, 2014) – Affiliates of Tampa-based Blue Rock Partners, LLC, and partners acquired two more apartment communities for $20.9 million, announced Blue Rock Partners managing partner Reuven Oded. A leading investment and management company, Blue Rock Partners owns and manages over 10,000 apartment units in Tampa, Lakeland, Fort Myers and Orlando, Fla., Atlanta, Ga., and Birmingham, Ala., either solely or through various partnerships, Oded stated. In making the announcement, Oded said that a Blue Rock affiliate and Boca Raton, Fla.-based Rose Group acquired Forest Ridge Apartments, a premier 268-unit community in Birmingham, Ala., for $11.1 million. Additionally, Blueros Ellenwood Partners LLC, a partnership affiliated with Montreal-based Rosdev Group and Blue Rock Partners, closed its $9.8 million purchase of Oak at Ellenwood apartments in Atlanta in an all cash transaction. Oded noted that another Blue Rock affiliate acquired the Magic City Five, a $106 million, 2,244-unit portfolio of five multi-family properties in late 2013 via a partnership with Denver-based Goff Capital Group. In related news, on October 28, Blueros Group LLC, a partnership affiliated with Rosdev Group and Blue Rock Partners, closed its $16.7 million purchase of The Park at Coventry apartments in Tampa from a Praedium-controlled group, Oded added.
Oded stated, “These acquisitions reflect our confidence in the continued strengthening of the U.S. economy, in household demand growth, and specifically in the promising prospects for the Atlanta, Birmingham and Tampa MSA demographics.”
Representing a purchase price of $41,418 per unit, the Forest Ridge apartment community is located at 660 Valley Crest Drive in Birmingham. Financing for the project involved the assumption of a senior mortgage in the amount of $8.3 million and Berkadia was the lender/servicer for a Fannie Mae loan. Purchased at a price of $40,833 per unit, the 240-unit Oak at Ellenwood community is located between Interstates 75 and 675 at 2445 Rex Road, Ellenwood, Ga. Atlanta-based Hammond Residential Group was the seller. The Park at Coventry apartments in Tampa are located at 13800 Bruce B. Downs Blvd. and were purchased at a price of $52,188 per unit. Financing for that transaction was arranged by Eastern Union Funding and the lender was Arbor Commercial Mortgages LLC. Berkadia Real Estate represented the buyer and seller in the transaction.
Oded added, “Blue Rock Partners continues to expand its presence through select property acquisitions, and manages with one mission in mind: ‘Be Second To None!’ My partner Randy Ferreira and I have methodically guided Blue Rock’s aggressive portfolio expansion while building the Blue Rock brand, which is now a highly recognized name in multi-family space.” To learn more about The Blue Rock Lifestyle including third-party management by Blue Rock Partners, contact Reuven Oded at (813) 620-0800.
Blue Rock Partners’ headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla. Visit Blue Rock Partners’ website at www.bluerockpartnersllc.com.
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