TAMPA, Fla. – Tampa-based Blue Rock Premier Properties, LLC, closed its $70 million purchase of the 776-unit River Chase Apartments located in the city of Temple Terrace, announced Randy Ferreira, CPM, Principal/Owner. “With 97 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of greater Tampa’s fastest growing areas,” said Ferreira. Consisting of 690,312 square feet of net rentable area, the 72-acre apartment home community will be re-branded and marketed as The Park at Valenza. The company, he added, will also invest approximately $6.7 million in exterior and interior upgrades. The improvements will include gated entry, a new state-of-the-art clubhouse, fitness center and coffee shop, as well as wood flooring, cabinets, counters, new appliances, washer/dryers in every unit, and more.
Jamie B. May, Edward Yang and Jonathan Barclay of JMB, Tampa, brokered the transaction, and CNLKOR River Chase, LLC, was the seller. Grandbridge provided debt financing for the purchase.
“Offering premier club-style apartment living and amenities, Blue Rock Premier’s Florida portfolio now exceeds 9,000 units in Tampa Bay, Lakeland, Orlando, Fort Myers and Jacksonville,” said Ferreira. Blue Rock Premier Properties is led by Ferreira in partnership with Konover South, LLC, based in Deerfield Beach.
Ferreira continued, “Now with over 3,500 units in our home base of Tampa Bay, the region will continue to be a major focus in 2016 and beyond, as will the Orlando, Fort Myers and Jacksonville markets and others.” Concluding, Ferreira added, “Blue Rock Premier Properties is aggressively pursuing select value-add product throughout Florida, with as many as 3,000 units in the pipeline this year and next.”
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 Premier Properties, LLC’s headquarters is located at 5650 Breckenridge Park Dr., Suite 302-B, Tampa, Fla., phone 813-252-3149. Konover South, LLC, is headquartered at 431 Fairway Drive, Deerfield Beach, Fla., phone 954-354-8282.