St. Pete apartments sold, renamed

ST. PETERSBURG — Blue Rock Partners continues its buying spree in the Tampa Bay area, closing on the 304-unit Avondale by the Lakes apartment complex for $20.2 million.

The Tampa-based multifamily manager partnered with Konover South LLC of Deerfield Beach on the purchase, which represented $66,400 per unit for the complex, located at 5473 27th St. S., in St. Petersburg.

Blue Rock will rebrand the community as The Park at Trevisso, which it says has an occupancy rate of 94%. The company will invest an additional $4 million — or $13,200 per unit — in both interior and exterior upgrades, which will include a gated entry, a new fitness center, as well as new appliances and lighting.