Blue Rock Premier Acquires 776-Unit Apartment Community for $70M in Tampa Bay
- Jun 17, 2016
Tampa–Blue Rock Premier Properties LLC, a partnership formed between Konover South and Blue Rock Partners, acquired the 776-unit River Chase Apartments located in Temple Terrace, Fla. The sale price equated to $70 million, or $90,200 per unit, with Grandbridge Real Estate Capital providing a $56.5 million loan in acquisition financing. Jamie May, Edward Yang and Jonathan Barclay of JMB, Tampa, brokered the transaction; Korman Residential Properties represented the seller.
“With 97 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of greater Tampa’s fastest growing areas,” said David Coppa, CEO of Konover South. “Offering premier club-style apartment living and amenities, our partnership’s portfolio now exceeds 9,000 units in Tampa Bay, Lakeland, Orlando, Fort Myers and Jacksonville.”
Rebranded as The Park at Valenza, the community features a mix of one-, two and three-bedroom residences in two- and three-story buildings, spreading across 72 acres. The apartments range from 763 square feet to 1,273 square feet, with average rents sitting at $922 per month, according to Yardi Matrix. Common area amenities include a fitness center, business center, tennis and basketball court, swimming pools, spa, as well as laundry facilities and 1000 parking spaces. Blue Rock Premier Properties currently manage the property.
Konover and Blue Rock plan to invest approximately $6.7 million in exterior and interior renovations. The improvements will include gated entry, a new state-of-the-art clubhouse, fitness center and coffee shop, as well as wood flooring, cabinets, counters, new appliances, washer/dryers in every unit, and more.
Earlier this year, Blue Rock Premier acquired a $700 million community portfolio in Florida, consisting of 29 communities and more than 8,000 units. Most recently, the company acquired The Park at Sutton Place Apartments, a 288-unit residential community located in the Orlando market. Currently, Blue Rock’s Florida portfolio exceeds 9,000 units.
Photo courtesy of Yardi Matrix