TAMPA, FLA. (Dec. 23, 2014) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, on December 18 closed the purchase of its third Orlando-area value-add apartment community in five months, increasing its eight local holdings to 2,500 units. With its $14.3 million purchase of the 224-unit Madison Carrington Place Apartment Homes located at 129 E. Villa Capri Circle in DeLand, Fla., Blue Rock now owns nearly 2,000 Orlando-area units in partnership with Konover South. Representing a price per unit of $63,840, the purchase is the partnership’s sixth Florida apartment acquisition in the past 10 months totaling over 1,400 units. “With 12 Florida acquisitions in the past 22 months totaling nearly 3,500 units, our partnership has now grown our Florida holdings to 7,500 units,” said Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners. Ferreira added that the partnership’s Florida portfolio in Orlando, Lakeland, Tampa Bay and Fort Myers has grown by over 80 percent since January 2013.
Ferreira added that the partnership will invest another $1.7 million in interior and exterior upgrades, and will re-brand and market the community as The Park at Capri. Offering one and two bedroom apartment homes, the property had an occupancy rate of 94 percent at closing. The seller, Equus Capital Partners, Ltd., was represented by Luke Wickham and Shelton Granade of CBRE, Orlando.
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.