Blue Rock Partners, Goff Capital buy, rename Cameron Lakes Apartments

BUYER: Cameron Lakes LLC, (manager: G.A. Clearwater LLC) Greenwood Village, Colo.
SELLER: CL Apartments LP
PROPERTY: 2550 Stag Run Blvd., Clearwater
PRICE: $19.35 million
PREVIOUS PRICE: $14.3 million, May 2005
TITLE FIRM ON DEED: Chicago Title Insurance Co., Sunrise

PLANS, DESCRIPTION:
Tampa-based Blue Rock Partners LLC and its equity partner, Goff Capital Partners LLP, purchased the 207-unit Cameron Lakes Apartments for $19.35 million.

The price equated to $93,478 per unit. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

Built in 1986, the apartment complex contains a mixture of seven floor plans with one to three bedrooms. Community amenities include a swimming pool, fishing pier, spa, fitness center, laundry facilities, racquetball courts and a lake.

The buyers have renamed the community The Park at Gibraltar. The joint venture plans to invest around $1 million in upgrades.

“This latest acquisition reflects our confidence in the continued strengthening of the U.S. economy, in household demand growth and in the promising prospects for the Tampa-St. Petersburg-Clearwater MSA demographics,” Reuven Oded, managing partner of Blue Rock Partners, says in a press release.

John Selby of CBRE handled the transaction.

The joint venture purchase entity, Cameron Lakes LLC, mortgaged the property to BB&T Real Estate Funding LLC for $14.25 million.

Blue Rock Partners owns and manages more than 11,500 apartment units in Tampa, Clearwater, Lakeland, Fort Myers and Orlando; Birmingham, Ala., and Atlanta either solely or through various partnerships. The same partnership acquired a $106 million, 2,244-unit portfolio of five multifamily properties in Birmingham, Ala., in late 2013.