Blue Roc Tapped to Manage 3 Florida Communities
This assignment adds 800 units to the firm’s portfolio in the market.
The Park at Veneto. Image courtesy of Blue Roc Premier Properties
Blue Roc Premier Properties is bolstering its property management presence in Southwest Florida. The firm was appointed as the controlling property manager for three communities that total 800 units and are located in Fort Myers, Fla.
The three properties were part of a $152 million recapitalization deal in April between Blue Roc’s principals and Osso Capital. Along with part ownership, Blue Roc will be managing the three properties, which were built in the 1980s and each have more than a 95 percent occupancy rate.
The portfolio includes the Park at Murano, a 230-unit community that offers one- and two-bedroom units, Park at Positano, a 288-unit community that also offers one- and two-bedroom units, and Park at Veneto, a 282-unit community that has one-, two- and three-bedroom units. The communities have an average unit square footage of approximately 900 square feet and offer similar common amenities like a pool, fitness center and cafes.
MAJOR RENOVATIONS INCOMING
The communities are expected to undergo major exterior and interior updates as part of the ownership change. The interior renovations will include adding granite countertops, stainless steel appliances, a new IT package and more to the units. The exterior updates will include new exterior paint colors and new roofs, while the updated amenities will include clubhouses, pool areas and EV charging stations. The renovations are expected to take 12 to 18 months.
Along with the three Fort Myers communities, Blue Roc and its affiliates manage more than 15,000 multifamily units across the Southeastern U.S. The firm’s footprint is concentrated in Florida, primarily in the I-4 corridor between Tampa Bay and Orlando. Blue Roc also recently sold its 184-unit community called The Easton in Brandon, Fla., to Odyssey Properties. In that same July transaction, Odyssey Properties also acquired the 120-unit Tidewater at Atlantic Beach in Atlantic Beach, Fla., that Blue Roc also previously owned.
