TAMPA / ST. PETERSBURG, FLA. (March 11, 2015) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, on March 5 closed its $20.2 million purchase of Avondale by the Lakes, a 304-unit value-add apartment community in St. Petersburg. Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners, stated, “This marks this partnership’s seventh Florida acquisition this past year and 13th in the past two years exceeding 3,800 units, growing this partnership’s Florida holdings to over 7,800 units.” Representing a price per unit of $66,447, Avondale by the Lakes is located at 5473 27th St., S., and the property had an occupancy rate of 94 percent at closing. Ferreira added that the partnership will invest over $4 million in interior and exterior upgrades, and will re-brand and market the community as The Park at Trevisso. The improvements will include gated entry, a state-of-the-art Fitness Center, Internet Café, landscaping and more, plus all units will be upgraded with new kitchen cabinets, counters, appliances and lighting. Jamie B. May, Edward Yang and Jonathan Barclay of JBM Institutional Multifamily Advisors, Tampa, brokered the transaction on behalf of the seller, Landmark Apartment Trust, Tampa. Financing was provided by Steve Gerstung of Prime Finance Partners, Chicago.
“Our Blue Rock Partners-Konover South partnership expects this to be the first of many acquisitions in 2015,” said Ferreira. “This past year,” he added, “Blue Rock Partners collectively has acquired over 20 multifamily properties in three states with our various partners.”
A leading investment and management company, Blue Rock Partners owns and manages over 11,800 apartment units in Tampa, St. Petersburg, Clearwater, Lakeland, Fort Myers and Orlando, Fla., Birmingham, Ala., and Atlanta, Ga., either solely or through partnerships, said Ferreira. To learn more about The Blue Rock Lifestyle including third-party management by Blue Rock Partners, contact Randy Ferreira at (813) 620-0800.
Built on a legacy of family tradition spanning three generations, Konover South continues the successful track record of The Simon Konover Organization, an industry-leading real estate company since 1959. Konover South is a fully integrated acquisition, development and management company operating throughout the southeastern United States.
Blue Rock Partners’ headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla. 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.