Jacksonville, Fla.—Tampa-based Blue Rock Premier Properties LLC has further expanded its Jacksonville presence with its third recent acquisition in the market. The company paid $24.6 million to acquire The Reserve at Beach Boulevard, a 360-unit community, adding nearly 2,000 units in Jacksonville totaling $137.4 million since October 2015.
Located at 11990 Beach Blvd., the community will be re-branded and marketed as The Park at Levanzo. The company also plans to invest about $3.8 million in exterior and interior upgrades to the property.
“With 95 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of Jacksonville’s fastest growing areas,” said Randy Ferreira, CPM, principal and owner of Blue Rock Premier Properties. Ferreira leads the company in partnership with Deerfield Beach-based Konover South LLC, a Simon Konover Company.
“Its location and accessibility are unique, particularly its proximity to the beach and the major growth area of St. Johns Town Center,” Ferreira told MHN.
He added that upgrades to the property will include a new, freestanding fitness and wellness center, internet cafe, and new entertainment area with cabanas near the lake. Other improvements will include gated entry, enhanced landscaping, upgraded kitchens and washers and dryers in every unit.
CBRE Investment Properties’ Dhaval Patel and Brian Moulder brokered the off-market transaction while ARES Capital Corp. provided debt financing for the purchase. LLJ Multifamily Ventures was the seller.
Blue Rock Premier Properties’ other recent Jacksonville acquisitions include its $48 million purchase of the 248-unit Landmark at Hampshire Place and the 248-unit Landmark at Sage Commons in February. The company re-branded the communities as The Park at Potenza and The Park at Trapani, respectively, and plans to invest $3.4 million in interior and exterior upgrades.
In October 2015, the company made its largest purchase to date in Jacksonville with the $64.8 million, 1,040-unit purchase of Madison at Bay Pointe, Madison at Savannah Oaks and Madison at Spring Woods. These communities were also re-branded as The Park at Avellino, The Park at Marabella 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 Ferreira. “I see Jacksonville as an emerging market with strong fundamentals in employment and residential growth.”
The company now owns and manages 32 communities in Jacksonville, Orlando, Tampa Bay and Fort Myers, exceeding 9,000 units. An additional 3,000 units are in the pipeline for 2016 and beyond, Ferreira added.
While the company is focused on Florida, Ferreira said the company is “always looking for the right opportunities and (has) an eye on Georgia and The Carolinas as well.”
Photo courtesy of Blue Rock Premier Properties LLC