TAMPA, Fla. (March 31, 2015) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, continued its buying spree in March with the closing of the partnership’s eighth Florida apartment community in 12 months, boosting its Florida holdings to 8,000 units.
With its purchase of the $22.5 million, 238-unit Hunter’s Ridge Apartments located in Winter Park, Fla., the partnership acquired its fourth Orlando-area value-add apartment community in eight months totaling more than 2,200 units. “Representing a price per unit of $94,538, the Hunter’s Ridge community is the partnership’s fourteenth Florida acquisition in the past two years totaling some 4,000 units,” stated Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners. Ferreira added that the partnership’s multifamily portfolio in Tampa Bay, Lakeland, Orlando and Fort Myers has doubled since January 2013.
“Our Blue Rock-Konover South partnership expects this to be one of many acquisitions in 2015,” said Ferreira. He added that the partnership will invest another $2 million in interior and exterior upgrades, and will re-brand and market the community as The Park at Napoli. The improvements will include a state-of-the-art Fitness Center, Internet Café, landscaping and more, plus all units will be upgraded with washer-dryers and new kitchen cabinets, counters, flooring and lighting. Michael Donaldson of Marcus & Millichap, Tampa, brokered the transaction on behalf of the seller, Ebenezer Holdings Corp., Toronto. Wells Fargo provided acquisition financing for the transaction. The property had an occupancy rate of 95 percent at closing.
A leading investment and management company, Blue Rock Partners owns and manages over 12,000 apartment units in Tampa, St. Petersburg, Clearwater, Lakeland, Fort Myers and Orlando, Fla., Birmingham, Ala., and Atlanta, Ga., either solely or through partnerships. To learn more about The Blue Rock Lifestyle including third-party management, 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, CEO, and is headquartered at 431 Fairway Drive, Deerfield Beach, Fla. Visit the company’s website at www.konoversouth.com.