Blue Rock Partners and Sarasota company buy Park at Kensington

BUYER: Kensington Property Holdings LLC, Tampa

SELLER: Watermark Associates LLC

PROPERTY: 6218 Watermark Drive, Riverview

PRICE: $17.25 million

PREVIOUS PRICE: $16.33 million, April 2007

LAW FIRM ON DEED: Greenberg Traurig LLP, New York City

PLANS, DESCRIPTION: Tampa-based Blue Rock Partners LLC has partnered with MWB Capital Partners of Sarasota to purchase The Park at Kensington Apartment Homes for $17.25 million.

The price equated to $84,559 per unit.

Blue Rock Partners LLC, which previously owned the 204-unit apartment complex with New York City-based national real estate investment firm The Praedium Group LLC, will continue to operate it.

The property features a business center, car wash, clubhouse, fitness center and pet play area. The gated community also has a playground, pool, hot tub and tennis court. It is 97% occupied.

“It is a beautiful property with tremendous upside potential in one of the fastest growing submarkets in Tampa Bay or Florida for that matter, the Riverview-Brandon market,” says Reuven Oded, managing partner of Blue Rock Partners. “It's a stone's throw from I-75. We did quite a bit of renovation when we acquired the asset with our New York partner. We're planning to upgrade it even further, to make it a brochure-type asset.”

The new owner plans to improve the landscaping, parking lot and lighting, resurface the tennis court and upgrade the buildings.

The purchase entity Kensington Property Holdings LLC mortgaged it to Alliant Capital LLC for $14.5 million.

Blue Rock Partners owns and operates 10 other apartment complexes in the Tampa Bay area and another five in the Orlando area.

Byron Moger and Luis Elorza of Cushman & Wakefield of Florida Inc. handled the transaction.