Konover South and Blue Rock Partners have acquired a 1,040 unit multifamily portfolio in Jacksonville for $64.8 million. The three communities the partnership has purchased are Madison at Bay Pointe on Baymeadows Road, Madison at Savannah Oaks on Roosevelt Blvd., and Madison at Spring Woods located along Monument Road. The complexes will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. Trading for just under $62,308 per unit, this transaction marks the 18th purchase the two companies have made together in the last 18 months. Its Florida portfolio in Jacksonville, Tampa Bay, Lakeland, Orlando and Fort Myers has nearly doubled in the past 18 months to over 9,500 rental units.
“Having eyed the Jacksonville market for some time, this portfolio presents the right opportunity to break into this market and create value while establishing a solid portfolio to create The Blue Rock Lifestyle.” David Coppa, CEO of Konover South. Coppa claims that Jacksonville ranks among the nation’s top markets for annual rent growth and for employment outlook. The properties enjoy a 95 percent occupancy rate at the moment, but the partnership will invest another $8.5 million in interior and exterior upgrades.
