TAMPA, Fla. (Sept. 6, 2016) – Tampa-based Blue Rock Partners, LLC, has grown its multi-state portfolio with the purchase of two apartment communities totaling $44.4 million, announced Reuven Oded, Managing Partner of Blue Rock Partners. A leading investment and management company, Blue Rock Partners owns or manages 6,500 units in Florida, Alabama and Georgia through various partnerships, Oded added. The company closed its $20.95 million purchase of Silver Oaks Apartments, a 320-unit community in Orlando, and also closed its $23.4 million purchase of Landings at Oak Hill, a 450-unit community located in Atlanta’s thriving Airport City. The latter purchase is Blue Rock Partners’ third Atlanta-area apartment buy in the past 19 months totaling over $50 million, Oded confirmed. The Orlando complex will be re-branded and marketed as The Park at Highgate and the Atlanta-area community will be re-branded and marketed as The Park at Morella, he added. Oded stated that the partnership will invest another $5.75 million in exterior and interior upgrades at the two communities.
Financing for the Orlando purchase was provided by Pembrook Capital Group and the transaction was brokered by Marcus & Millichap. Madison Exchange LLC was the seller.
Financing for the Atlanta-area purchase was provided by Wells Fargo Multifamily Capital and the transaction was brokered by Cushman & Wakefield. The property was purchased with Canadian-based Rosdev Group, Blue Rock’s capital partner in the community. Chartwell Multifamily LLC was the seller.
Elaborating, Oded added, “As a leader in the value-add market, our investors and partners achieve the highest risk-adjusted return on equity compared to current low yields in bond and equity markets. Based on market fundamentals, we are confident that the value-add spaces will offer prime opportunities into the future, and Blue Rock Partners will continue as a major force going forward.”
To learn more about The Blue Rock Lifestyle including third-party management by Blue Rock Partners, contact Reuven Oded at (813) 620-0800. Blue Rock Partners’ headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla. Visit Blue Rock Partners’ website at www.bluerockpartnersllc.com.