Palm Grove sold for $6 million

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.