New owners will spend millions more to renovate the Tampa property.
TAMPA — Blue Rock Partners LLC bought the Palm Grove Apartments in Tampa for $5.55 million. That price is down nearly 50% from the property's 2008 sale point of $10.7 million.
Built in 1969, Palm Grove Apartments contains 244 units, spread across 29 two-story buildings. At the time of sale, the apartments were 65% occupied.
Darron Kattan, Bob Goldfinger and Kevin Kelleher, all of Franklin Street, represented the seller, Alliance ES Palm Grove LLC, in the deal. Kattan says the new owners could spend more than $3 million to renovate the property, hoping to improve it from C-class to B-class real estate.
“The property was very old and tired and needed a complete repositioning from the new ownership,” Kattan says.
Other apartment communities and commercial developments owned by Blue Rock include The Park at Kensington in Riverview, The Park at Knightsbridge in Brandon and The Park at Bay Plaza Business Park in Tampa.