A joint venture of Tampa-based Blue Rock Partners LLC and Konover South LLC of Deerfield Beach purchased two Southside apartment complexes for $48 million.
Blue Rock Premiere Properties LLC bought the 532-unit portfolio Feb. 17 from Landmark Apartment Trust, according to Konover South’s website.
Dhaval Patel and Brian Moulder of CBRE Investment Properties in Jacksonville brokered the transaction and Wells Fargo provided financing.
The two apartment communities were 95 percent occupied at the time of the sale.
They are Landmark at Hampshire Place at 10023 Belle Rive Blvd. and Landmark at Sage Commons at 8401 Southside Blvd.
They will be rebranded The Park at Potenza and The Park at Trapani, respectively, and will undergo $3.4 million in interior and exterior upgrades, said Blue Rock Premier Properties principal Randy Ferreira.
Improvements will include fitness centers, Internet cafés and upgraded landscaping.
Blue Rock Premier Properties is owner and manager of 30 communities in Tampa, Fort Myers, Orlando and Jacksonville, offering “premier club-style apartment living and amenities.”
It is Blue Rock Premiere’s second Jacksonville acquisition.
The company in October purchased a $64.8 million, 1,040-unit portfolio that included complexes in Arlington, West Jacksonville and Mandarin.
The recent purchase is “significant in that it builds our stake in that fast-growing market,” Ferreira said.
Blue Rock Premiere’s four markets rank among the nation’s top regions for annual rent growth and employment outlook, Ferreira said, and will “continue to be a major focus for us in 2016 and beyond.”
The company pursues select value-add product throughout Florida, he said, and has many as 3,000 units in the pipeline.
(904) 356-2466