Blue Rock Partners, Konover South LLC buy third Fort Myers apartment

BUYER: Montego Bay Property LLC, Tampa
SELLER: 288 Fort Myers LLC
PROPERTY: 2719-2755 Colonial Blvd., Fort Myers
PRICE: $16.13 million
PREVIOUS PRICE: $29.45 million, October 2005
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION:
A joint venture of Tampa-based Blue Rock Partners LLC and Deerfield Beach-based Konover South LLC purchased the 288-unit Montego Bay Apartment Homes for $16.13 million.

The price equated to $56,000 per unit. That figure is lower than the average price per square foot for multifamily space ($70,191) in Southwest Florida, according to the CoStar Group.

The apartment development was 94% occupied at the time of the sale.

Randy Ferreira, principal and owner of Blue Rock Partners, says the apartment offered the joint venture a great value-add opportunity in a city that ranks among the nation's top markets for annual rent growth. The two companies plan to invest another $2.5 million in improvements and to rebrand the property as The Park at Positano. Those improvements include upgrades to the landscaping, fitness center, child-care center, sport court and gated entry. It also expects to add new cabinets, counters, flooring, lighting and more to the units.

The purchase is the joint venture's third Fort Myers apartment community in the past six months. It now owns 800 Fort Myers rental units, following the January purchase of the Reflections and The Place at Summerlin for $28.2 million.

“With 10 acquisitions in the past 18 months totaling nearly 3,000 units, our partnership has now grown our Florida holdings to 7,000 units,” Ferreira says in a press release.