Tampa-based Blue Rock Premier Properties has acquired The Reserve at Beach Boulevard, a multifamily property in Jacksonville, for $24.6 million. The purchase marks is the company’s third since October 2015, bringing its Jacksonville portfolio to nearly 2,000 units, acquired at a cost of $137.4 million. The Reserve is a 360-unit community located at 11990 Beach Blvd., which the company will re-brand as The Park at Levanzo. Blue Rock also plans to spend approximately $3.8 million in exterior and interior upgrades to the property.
CBRE Investment Properties’ Dhaval Patel and Brian Moulder brokered the off-market transaction while ARES Capital Corp. provided debt financing for the purchase. LLJ Multifamily Ventures was the seller. The company now owns and manages 32 communities in Jacksonville, Orlando, Tampa Bay and Fort Myers, exceeding 9,000 units. An additional 3,000 units are in the pipeline for 2016 and beyond.
“With 95 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of Jacksonville’s fastest growing areas,” said Randy Ferreira, CPM, principal and owner of Blue Rock Premier Properties. “These purchases are significant as Jacksonville will continue to be a major focus for us in 2016 and beyond. I see Jacksonville as an emerging market with strong fundamentals in employment and residential growth.” Ferreira leads the company together with Deerfield Beach-based Konover South LLC, a Simon Konover Company.
