Blue Rock Partners, Konover South buy Reflections, The Place at Summerlin

BUYER: Reflections Property Holdings LLC (principal: Randy Ferreira), Tampa
SELLER: IMT Reflections Apartments LLC
PROPERTY: 3800-3910 Central Ave. (3891 Solomon Blvd.), Fort Myers
PRICE: $15.8 million
PREVIOUS PRICE: $18.53 million, February 2005

BUYER: The Place Property Holdings LLC (principal: Randy Ferreira), Tampa
SELLER: IMT The Place Apartments LLC
PROPERTY: 1571-1585 Matthew Drive (4757 Barkley Circle), Fort Myers
PRICE: $12.35 million
PREVIOUS PRICE: $14.45 million, February 2005
LAW FIRM ON DEED: Lewis Roca Rothgerber LLP, Phoenix

PLANS, DESCRIPTION: A joint venture of Tampa-based Blue Rock Partners LLC and Deerfield Beach-based Konover South LLC purchased a 512-unit multifamily portfolio of two Fort Myers apartment properties for a combined $28.15 million.

The partnership purchased Reflections for $15.8 million and The Place at Summerlin for $12.35 million. They will be rebranded as The Park at Veneto and The Park at Murano, respectively. The two properties are roughly 95% occupied.

The new owner plans to invest $4.3 million in renovating the interiors and exteriors of the properties.

“We see the Fort Myers market rebounding nicely, especially the apartment market,” says Randy Ferreira, principal/owner of Blue Rock Partners. “The retail market is marking good progress as well. In addition, I owned these two properties about 11 years ago, so I'm very familiar with them. With the upgrades we feel we will be able to raise rents and put these properties on a higher level.”

The partnership is currently looking at other off marketing properties, Ferreira says, as it works to expand its holding in the Fort Myers market.

The purchase represents the partnership's seventh and eighth Florida apartment acquisition in just more than a year totaling more than 2,500 rental units. With its latest acquisitions in Fort Myers, Blue Rock's Florida portfolio in Tampa Bay, Lakeland, Orlando and Fort Myers has grown by more than 50% this past year and now surpasses 6,500 units.

Hampton Beebe of ARA South Florida brokered the transaction.

The joint venture mortgaged the two apartments to ACRC Lender LLC for loans totaling $26.73 million.