CLEARWATER — Blue Rock Partners has expanded its multifamily holdings, buying Cameron Lakes Apartments in Clearwater for $19.4 million.
The 207-unit community, located at 2550 Stag Run Blvd., sold for $93,000 per unit. CL Apartments LP, an affiliate of BH Management Services of Iowa, originally purchased the 30-year-old complex in 2005 for $14.3 million, or $69,000 per unit.
Blue Rock, which partnered with Goff Capital Partners of Denver in the deal, will rebrand the community The Park at Gibraltar. The new owners will invest nearly $1 million in improvements, according to a release, to include an upgraded clubhouse and an Internet cafe.
Blue Rock's portfolio is now at 11,500 apartment units not only in the greater Tampa Bay region, but also Orlando, Atlanta, and Birmingham, Ala. Blue Rock partnered with Goff Capital in 2013 to buy a 2,244-unit portfolio of five communities in Birmingham for $106 million, or $47,200 per unit.
Reuven Oded, Blue Rock's managing partner, also worked with Goff Capital earlier this year through another company he manages, Knightsbridge Investments LLC, to buy The Park at Knightsbridge in Riverview for $21.1 million, or $70,700 per unit.