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Business Observer Friday, Jun. 10, 2016 2 years ago

Bluerock buys Polk apartments

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Continuing its surge into Florida, a New York-based private equity firm has acquired a 270-unit apartment complex in Polk County for $34.5 million, property records show.
by: Kevin McQuaid Commercial Real Estate Editor

Continuing its surge into Florida, a New York-based private equity firm has acquired a 270-unit apartment complex in Polk County for $34.5 million, property records show.

Bluerock Real Estate Holdings LLC's mid-May purchase of the Landings at Four Corners ranks among the largest single-asset real estate deals of the past year in the county, according to records.

The deal for the 1000 Ketner St. multifamily complex, in Davenport, followed $86 million in investments by Bluerock in a pair of complexes in Sarasota County in January, Property Appraiser records indicate. There, the company bought Summer Winds and Citation Club Apartments.

Bluerock acquired the Landings complex from Wood Partners, of Atlanta, which had purchased the land for the residences in early 2008 for $3.1 million, according to land records.
Wood completed the complex in 2009.

Bluerock officials could not be reached for comment on the purchase.

Landings' units currently rent for between $1,000 and $1,500 per month, according to the complex's website.

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