Now with more than 9,500 Florida rental units, Tampa-based Blue Rock Partners, LLC, enters Jacksonville market with $64.8M acquisition totaling 1,040 units
The purchase represents Tampa-based Blue Rock’s 18th Florida apartment acquisition in the past 18 months
TAMPA & JACKSONVILLE, Fla. – Tampa-based Blue Rock Partners, LLC, in partnership with Konover South, LLC, Deerfield Beach, last week entered the Jacksonville market with its closing on a prime $64.8 million, 1,040-unit multifamily portfolio, announced Randy Ferreira, CPM, Principal/Owner of Blue Rock Partners. Now with over 9,500 Florida rental units, the partnership’s three community purchase represents its 18th Florida apartment acquisition in the past 18 months. “Having eyed the Jacksonville market for some time, this portfolio presents the right opportunity to break into this market and create value while establishing a solid portfolio to create The Blue Rock Lifestyle.”
Ferreira added that the three rental communities purchased included Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd., andMadison at Spring Woods located at 445 Monument Road. The apartment home communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively.
Noting that Jacksonville ranks among the nation’s top markets for annual rent growth and employment outlook, Ferreira stated that the properties, with occupancies around 95 percent, offer great value-add appeal and that the partnership will invest another $8.5 million in interior and exterior upgrades. The improvements will include state-of-the-art Fitness Centers, Internet Cafés, upgraded landscaping and more. Dhaval Patel of CBRE Investment Properties brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo Multifamily Capital was the lender.
With these latest acquisitions, Blue Rock’s Florida portfolio in Jacksonville, Tampa Bay, Lakeland, Orlando and Fort Myers has nearly doubled in the past 18 months.
A leading investment and management company, Blue Rock Partners now owns and manages over 13,000 apartment units in Jacksonville, 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, go to www.bluerockpartnersllc.com
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., 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.
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