Konover South partnership Blue Rock Premier Properties, LLC, increased its stake in Jacksonville’s apartment market on July 21 with its third major purchase totaling $137.4 million and nearly 2,000 units since October 2015. 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.
In its latest transaction, Coppa said the partnership closed its $24.6 million purchase of The Reserve at Beach Boulevard, a 360-unit apartment community located at 11990 Beach Boulevard. It will be re-branded and marketed as The Park at Levanzo. The partnership, Coppa added, will also invest approximately $3.75 million in exterior and interior upgrades.
“With 95 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of Jacksonville’s fastest growing areas,” said Coppa. “Blue Rock Premier’s Florida portfolio now exceeds 9,000 units in Jacksonville, Orlando, Tampa Bay and Fort Myers.”
Dhaval Patel of CBRE Investment Properties, Jacksonville, brokered the off-market transaction and LLJ Multifamily Ventures was the seller. ARES Capital Corporation provided debt financing for the purchase.
In February, Blue Rock Premier acquired a $48 million Jacksonville portfolio consisting of the 284-unit Landmark at Hampshire Place and the 248-unit Landmark at Sage Commons. Those two communities are now being marketed as The Park at Potenza and The Park at Trapani, respectively. Its largest to date, in October 2015, was the $64.8 million, 1,040-unit purchase of Madison at Bay Pointe, Madison at Savannah Oaks, and Madison at Spring Woods. 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.
“These purchases are significant as Jacksonville will continue to be a major focus for us in 2016 and beyond, as will our other markets and more,” said Coppa. “Now owning and managing 32 communities in Jacksonville, Orlando, Tampa Bay and Fort Myers, Blue Rock Premier Properties is taking the popular ‘Blue Rock Lifestyle’ to the next level by offering premier club-style apartment living and amenities.”
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.