TAMPA, Fla. (July 5, 2016) – Tampa-based Blue Rock Partners, LLC, closed its $23,073,000 purchase of Highland Lakes Apartment Homes, its first multifamily community in metro Montgomery and tenth in Alabama, announced Reuven Oded, Principal/Owner. Located in Prattville, Ala., and representing a price per unit of $103,000, the 224-unit complex will be re-branded and marketed as Prattville at Highland Lakes, Oded added. Blue Rock Partners and its affiliated companies now own or manage 4,000 units in Alabama and a total of over 7,000 units in Florida, Alabama and Georgia according to Oded.
“With 95 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of the state’s fastest growing areas,” said Oded.
Elaborating, he added, “Blue Rock Partners’ multifamily portfolio in metropolitan Tampa, Orlando, Atlanta, Birmingham and Montgomery continues to grow at a rapid rate. Continuing this trend, I expect that numerous other acquisitions will follow during the remainder of 2016 and 2017.”
Blue Rock Partners, he said, will invest another $1 million in interior and exterior upgrades. Exterior improvements will include an upgraded Clubhouse, Fitness Center and Internet Café, landscaping, parking and more. Interior upgrades will include European lighting packages, stainless steel appliances, kitchen hardware, plantation blinds, two-tone paint and more.
Jimmy Adams and Craig Hey of Cushman & Wakefield’s Birmingham Multifamily Group brokered the transaction on behalf of the seller, Foshee Management Company, LLC. Arbor Mortgage provided acquisition financing for the transaction.
A leading investment and management company, Blue Rock Partners and its affiliated companies own or manage over 7,000 apartment units in metropolitan Tampa, Orlando, Atlanta, Birmingham and Montgomery, either solely or through partnerships. To learn more about The Blue Rock Lifestyle including third-party management, contact Reuven Oded at 813–620-0800, extension 222.
Blue Rock Partners’ headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla. Visit Blue Rock Partners’ website at www.bluerockpartnersllc.com.
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