Blue Rock, Konover South buy Marbrisa Apartments

BUYER: Marbrisa Property Holdings LLC, Tampa

SELLER: Bel-EQR Limited Partnership

PROPERTY: 4949 Marbrisa Drive, Tampa

PRICE: $15.5 million

PREVIOUS PRICE: $10.41 million, June 2000

LAW FIRM ON DEED: Equity Residential, Chicago

PLANS, DESCRIPTION: A joint venture of Tampa-based Blue Rock Partners LLC and Deerfield Beach-based Konover South LLC purchased the 224-unit Marbrisa Apartments in Carrollwood for $15.5 million.

The price equated to $69,196 per unit.

The complex was 93% occupied at the time of the sale. Community amenities include a swimming pool, nature walk, playground and barbecue and picnic areas.

The new ownership has renamed the property The Park at Windsor and budgeted $1.6 million for a collection of improvements. It plans to paint the exterior, change the signage, upgrade the landscaping and gate the entry. In addition, the group expects to build an addition to the clubhouse so it can create a fitness center, coffee bar and Internet cafe. The interiors of the units will also be completely upgraded with washers and dryers, new carpeting, flooring and cabinetry.

“It was a '80s vintage deal on a low-density site with more than 35 acres,” says Randy Ferreira, Blue Rock's co-managing partner. “It's in an area close to a pretty upscale mall, where there's only one other newer property for renters to choose from. This a B property that we think we can make into an A or A-.”

The joint venture group expects to have the construction changes completed in 18 to 24 months.

Last April, the partnership acquired the 244-unit Palm Grove Apartment Homes at 5039 Chalet Court in Tampa, which is currently being rebranded and marketed as The Park at Chesterfield.

Having grown its multifamily properties 69% over the past two years, Blue Rock now owns more than 2,750 units in Tampa Bay and more than 1,800 units in Orlando. Recently, the firm announced it has started offering third-party management to other multifamily owners and renovation and fee-based accounting services.

Holliday Fenoglio Fowler LP arranged a $12.8 million loan for Blue Rock Partners on the property through HFF's Freddie Mac Program Plus Seller/Servicer program.

Jamie May of the institutional property advisors division of Marcus & Millichap Co. in Tampa handled the transaction.