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.
The sale came on the heels of Blue Rock's $19.4 million purchase of Cameron Lakes Apartments in Clearwater. For that deal, Blue Rock partnered with Goff Capital Partners of Denver, and rebranded that complex as The Park at Gibraltar. Blue Rock announced $1 million in upgrades for that community as well.
Solera Partners LLC, an affiliate of Landmark Apartment Trust of Tampa, assumed ownership of the property in 2008, after its previous owner — Solera Gardens LLC of Miami — filed for Chapter 11 bankruptcy protection. Solera Gardens was affiliated with Puig Inc., which had bought the community in 2006 for $22.8 million, or $75,000 per unit.
Blue Rock owns and manages more than 11,800 apartment units in the greater Tampa Bay area, as well as Orlando, Atlanta and Birmingham, Ala.