TAMPA, Fla. (November 8, 2018) — An affiliate of Tampa-based Blue Magma Residential LLC purchased the 268-unit Fairfield Lakes Apartments in Pensacola for $29 million, equaling $108,200 per unit, announced Reuven Oded, Managing Partner of Blue Magma Residential. Located at 8100 W. Highway 98, the recently closed transaction “marks the company’s strategic entry into Pensacola’s Value-Add submarket,” said Oded. Blue Magma Residential is a privately-held commercial real estate management company which through its affiliates co-owns or manages over 10,000 apartment units in Alabama, Florida, Georgia and Mississippi. Additionally, the company will invest approximately $2 million into exterior and interior improvements at Fairfield Lakes Apartments which will be re-branded and marketed as The Park at Nottingham.
Elaborating, Oded added, “As evidenced by this transaction, Blue Magma Residential is now expanding into the promising Pensacola market, having selected a well-located community only 15 minutes from Naval Air Station Pensacola, and also convenient to Baptist Hospital and Sacred Heart Hospital Pensacola. I feel there is a growing opportunity, and frankly a void, in this under-serviced and under-appreciated real estate market for companies like Blue Magma Residential, where customer service and focus on excellence is a core value of our business model.”
Concluding, Oded added, “Blue Magma Residential is continuing in its deliberate strategy of acquiring Value Add properties in the Southeastern U.S. market where demographic growth, job growth, household expansion and corporate relocations are all solid and trending upward.”
With 95 percent occupancy at closing, the property offers one, two and three bedroom units ranging from 776 to 1,286 square feet. The transaction was brokered by Francesco P. Carriera and Michael P. Regan of Institutional Property Advisors, a division of Marcus & Millichap. Financing was provided by Greystone & Co.
To learn more about Blue Magma Residential, including its third-party management services, contact Reuven Oded, Managing Partner, at (813) 620-0800.
Blue Magma Residential LLC’s headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla., phone 813-620-0800.
More About Blue Magma Residential, LLC
Blue Magma Residential LLC is a privately-held commercial real estate management company headquartered in Tampa, Fla., which through its affiliates co-owns or manages over 10,000 multi-family units throughout the Southeast. Blue Magma strives to create dedicated brand recognition in the markets they serve. They dwell on every aspect of the assets they own and manage, and their work is manifested through their signage, color schemes, landscaping, mantra signs, state-of-the-art business centers, beautifully appointed models, high tech gyms, electronic gating systems, designer-like interiors and fixtures, and their highly motivated and dedicated staff.