TAMPA, Fla. (July 12, 2017) – Tampa-based Blue Rock Partners, LLC, has grown its apartment portfolio with the $16.5 million purchase of Royal Oaks Apartments, a 216-unit community located in Orlando, announced Reuven Oded, Principal Partner of Blue Rock Partners. Representing a price per unit of $76,390, the complex located at 4793 N. Pine Hills Road will be re-branded and marketed as The Park at Collington, Oded added. Blue Rock Partners, LLC, is a leading investment and management company which owns or manages more than 8,500 apartment units in Florida, Alabama and Georgia through various partnerships, according to Oded.
Citing 92 percent occupancy at closing, Oded added that the partnership will invest another $1.6 million in exterior and interior upgrades at the community. Financing for the purchase was provided by Rait Partnership LP and the listing broker was Marcus & Millichap. Rock Rose Partners Royal Oaks LP, an affiliate of Blue Rock Partners, LLC, was the buyer and Focus JCR Orlando MD Investors II, LLC, was the seller.
“Blue Rock Partners and its affiliates are aggressively pursuing value-add deals in the Tampa-St. Petersburg-Clearwater MSA, Orlando MSA and other MSAs statewide,” said Oded. Elaborating, Oded added, “Based on the continuing expansion of Florida’s major employment drivers, we are bullish on the continued growth of our Sunshine State. Given today’s frothy pricing environment, we are very selective on the deals we pursue in order to protect our loyal investors.”
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.