TAMPA, Fla. (September 5, 2017) — Tampa-based Blue Rock Partners, LLC Affiliates and a large NY-based Institutional Investor entered the South Florida market on September 1 with its $37.25 million purchase of Pinebrook Apartments, a 309-unit community located at 15601 SW 137th Avenue in Miami’s South Kendall sub market. In making the announcement, Reuven Oded, Managing Partner of Blue Rock Partners, added that the buyer, Pinebrook Property Holdings LP, is a partnership of a Blue Rock Partners affiliate, a Canadian-based Investment Firm and a respectable NY Institutional Investor. Oded also said the community will undergo over $3 million of exterior and interior upgrades, and will be re-branded and marketed as The Park at Sheffield. Blue Rock Partners is a leading investment and management company which co-owns or manages nearly 9,000 apartment units in Florida, Georgia and Alabama through various partnerships, according to Oded.
“With 98 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of Miami-Dade’s fastest growing areas,” said Oded. “In fact, major employers just three minutes away include the Miami Zoo and Miami Executive Airport, and also planned or under way nearby are the new Coral Reef Commons mixed-use development and the proposed Miami Wilds, a $930 million 20th Century Fox Adventure Park.”
Evan Kristol of Marcus and Millichap brokered the transaction and Pinebrook South Ltd. was the seller.
Ladder Capital Finance LLC provided debt financing for the purchase.
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.