TAMPA, Fla. (April 30, 2015) – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, on April 23 closed its $43.6 million purchase of Hamilton Bay Apartments, Brandon, the partnership’s third 2015 Florida acquisition totaling $86.3 million and 986 units. Representing a price per unit of $98,200, Hamilton Bay is its ninth Florida apartment acquisition in 13 months, boosting its Florida holdings to 8,500 units.
“The 444-unit Hamilton Bay community is the partnership’s fifteenth Florida acquisition in the past two years totaling 4,500 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 more than doubled since January 2013. In March, the partnership purchased the $20.2 million, 304-unit Avondale By The Lakes Apartments in St. Petersburg and the $22.5 million, 238-unit Hunter’s Ridge Apartments in Winter Park, Fla. The partnership has since re-branded those communities as The Park at Trevisso and The Park at Napoli, respectively.
“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 Hamilton Bay community as The Park at Portofino. The improvements will include a state-of-the-art Fitness Center, Internet Café, landscaping and more. Cole Whitaker and Jason Stanton of Berkadia brokered the transaction on behalf of the seller, Brandon Multifamily Partners, LLC, an affiliate of Covenant Capital Group, Nashville, Tenn. New York Community Bank provided acquisition financing for the transaction. The property had an occupancy rate of 91 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. Led by David Coppa, CEO, 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 headquartered at 431 Fairway Drive, Deerfield Beach, Fla. Visit the company’s website at www.konoversouth.com.