Blue Rock Buys Southeast Apartment Properties
- Sep 08, 2016
By Dees Stribling, Contributing Editor
Union City, Ga.—Tampa-based Blue Rock Partners has acquired two properties for a total of $44.4 million, increasing its presence in Georgia and Florida. The company paid $23.4 million for Landings at Oak Hill, a 450-unit community in the Atlanta MSA, and nearly $21 million for Silver Oaks Apartments, a 320-unit community in Orlando.
Landings at Oak Hill will be rebranded and marketed as The Park at Morella, according to the buyer. The property was purchased with Canadian-based Rosdev Group, Blue Rock’s capital partner in the community; Chartwell Multifamily LLC was the seller. The property, which is 92 percent occupied, is at 4300 Flat Shoals Road, Union City, in Atlanta’s Airport City submarket.
“The property represents a value-add opportunity in one of the fastest-growing MSAs in the country,” said Blue Rock Partners Managing Partner Reuven Oded. Blue Rock plans to spend another $4.1 million for exterior and interior upgrades at Landings at Oak Hill. Wells Fargo Multifamily Capital provided financing for the purchase, which was brokered by Cushman & Wakefield Inc.
The Orlando complex will likewise be rebranded and marketed, becoming The Park at Highgate, and it too will see various interior and exterior upgrades. Pembrook Capital Group provided financing for the Orlando deal, which was brokered by Marcus & Millichap. Madison Exchange LLC was the seller.
Blue Rock is no stranger to either market. The company now owns or manages about 1,500 Atlanta-area rental units, plus 5,000 units in Alabama and Florida through various partnerships, according to Oded.