Konover South’s partnership with Blue Rock Premier Properties has closed on the purchase of the 776-unit River Chase Apartments located in the Tampa submarket of Temple Terrace. The $70 million acquisition increases the company’s Florida portfolio to over 9,000 units. Consisting of 690,312 sqf of net rentable area, the 72-acre apartment home community will be re-branded and marketed as The Park at Valenza. The partnership will also invest approximately $6.7 million in exterior and interior upgrades including a gated entry, clubhouse, fitness center and coffee shop, as well as wood flooring, cabinets, counters, new appliances, and washer/dryers in every unit.
“With 97 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of greater Tampa’s fastest growing areas,” said David Coppa, CEO of Deerfield Beach-based Konover South. “Offering premier club-style apartment living and amenities, our partnership’s portfolio now exceeds 9,000 units in Tampa Bay, Lakeland, Orlando, Fort Myers and Jacksonville.”
