TAMPA, FL—A multifamily portfolio with 1,218 apartment units in three communities has sold for $66 million. Blue Rock Partners and Konover South purchased the multifamily assets, which are in Brandon and Lakeland.
The deal gives Blue Rock more than 6,000 multifamily units in the Tampa Bay and Orlando area—and the firm isn't done investing yet. Blue Rock plans to invest another $9 million to improve the multifamily portfolio.
"Blue Rock's accelerated investments in the Tampa Bay and Orlando markets underscores our confidence in the region,” Randy X. Ferreira, principal of Blue Rock Partners, tells GlobeSt.com. He adds that the multifamily portfolio grab advances the firm's mission to own, operate, manage and lease apartment communities.
The multifamily acquisition includes the 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments. Both are located less than half a mile from Westfield Brandon Shopping Mall. The multifamily properties are being rebranded and marketed as Park at Siena.
The deal also included the 236-unit Martin's Landing Apartments located at 3520 Cleveland Heights Boulevard in Lakeland. The multifamily asset will undergo improvements and be marketed as Park at Verona. Marcus & Millichap National Multi-Housing Group in Tampa brokered the transactions.
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