DEERFIELD BEACH, Fla. (June 7, 2016) – Konover South partnership Blue Rock Premier Properties, LLC, closed its $70 million purchase of the 776-unit River Chase Apartments located in the city of Temple Terrace, near Tampa.  In making the announcement, David Coppa, CEO of Deerfield Beach-based Konover South, added that Blue Rock Premier Properties is led by 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.

“With 97 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of greater Tampa’s fastest growing areas,” said Coppa.  “Offering premier club-style apartment living and amenities, our partnership’s portfolio now exceeds 9,000 units in Tampa Bay, Lakeland, Orlando, Fort Myers and Jacksonville.”

Consisting of 690,312 square feet of net rentable area, the 72-acre apartment home community will be re-branded and marketed as The Park at Valenza.  The partnership, he continued, will also invest approximately $6.7 million in exterior and interior upgrades.  The improvements will include gated entry, a new state-of-the-art clubhouse, fitness center and coffee shop, as well as wood flooring, cabinets, counters, new appliances, washer/dryers in every unit, and more.

Jamie B. May, Edward Yang and Jonathan Barclay of JMB, Tampa, brokered the transaction, and CNLKOR River Chase, LLC, was the seller. Grandbridge provided debt financing for the purchase.

Konover South, LLC, is headquartered at 431 Fairway Drive, Deerfield Beach, Fla., phone 954-354-8282.  Blue Rock Premier Properties, LLC’s headquarters is located at 5650 Breckenridge Park Dr., Suite 302-B, Tampa, Fla., phone 813-252-3149