Newly-formed Konover South partnership Blue Rock Premier Properties, LLC, acquires control and management of $700M Florida apartment portfolio including 29 prime communities with over 8,000 units
DEERFIELD BEACH, Fla. – Newly-formed Konover South partnership Blue Rock Premier Properties, LLC, acquired the control and management of a $700 million Florida apartment portfolio including 29 prime communities with over 8,000 units from Blue Rock Partners, LLC. The new partnership on February 17 also closed its purchase of a $48 million, 532-unit Jacksonville apartment portfolio. In making the announcements, David Coppa, CEO of Deerfield Beach-based Konover South, added that Tampa-based Blue Rock Premier Properties is led by original Blue Rock Partners founder Randy Ferreira, CPM, Principal/Owner, exclusively together with longtime partner Konover South. Built on a legacy of family tradition spanning three generations, Konover South continues the successful track record of The Simon Konover Organization, an industry-leading real estate company since 1959. Konover South is a fully integrated acquisition, development and management company operating throughout the southeastern United States.
“Now owning and managing 30 communities in Tampa, Fort Myers, Orlando and Jacksonville, Blue Rock Premier Properties is taking the popular ‘Blue Rock Lifestyle’ to the next level by offering premier club-style apartment living and amenities,” stated Ferreira. “Our separate Jacksonville purchase is also significant in that it builds our stake in that fast-growing market, having earlier purchased a $64.8 million, 1,040-unit portfolio there in October 2015. The Jacksonville market will continue to be a major focus for us in 2016 and beyond, as will the Tampa, Fort Myers and Orlando markets and others.”
Elaborating, Ferreira added, “Blue Rock Premier Properties is aggressively pursuing select value-add product throughout Florida, with as many as 3,000 units in the pipeline for 2016 and beyond.”
Noting that its four current markets rank among the nation’s top regions for annual rent growth and employment outlook, Ferreira stated that its newest properties offer great value appeal within Jacksonville’s Southside submarket. Currently averaging 95 percent occupancy, the newest communities will include the 284-unit Landmark at Hampshire Place located at 10023 Belle Rive Boulevard and the 248-unit Landmark at Sage Commons located at 8401 Southside Boulevard. Ferreira added that the communities will be re-branded and marketed as The Park at Potenza and The Park at Trapani, respectively, and will soon undergo $3.4 million in interior and exterior upgrades. The improvements will include state-of-the-art Fitness Centers, Internet Cafés, upgraded landscaping and more. Dhaval Patel of CBRE Investment Properties, Jacksonville, brokered the transaction and Landmark was the seller. Wells Fargo provided debt financing for the purchase.
The earlier three Jacksonville communities purchased in October 2015 included Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd., and Madison at Spring Woods located at 445 Monument Road. Those apartment home communities have been re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively.
Konover South, LLC, is headquartered at 431 Fairway Drive, Deerfield Beach, Fla. Blue Rock Premier Properties, LLC’s headquarters is located at 5650 Breckenridge Park Dr., Suite 302-B, Tampa, Fla.