Blue Rock Partners, Konover South buy Avondale by the Lakes

BUYER: Avondale Property Holdings LLC (Avondale Associates Holdings LLC), Tampa
SELLER: Solera Partners DE LLC
PROPERTY: 5473 27th St. S. and 2680 54th Ave. S., St. Petersburg
PRICE: $20.2 million
PREVIOUS PRICE: $22.8 million, January 2006
LAW FIRM ON DEED: Hunton & Williams LLP, Richmond, Va.

PLANS, DESCRIPTION:
A joint venture of Tampa-based Blue Rock Partners LLC and its equity partner, Konover South LLC of Deerfield Beach, purchased the 304-unit Avondale by the Lakes apartments for $20.2 million.

The price equated to $66,447 per square foot. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The 381,519-square-foot, three-story apartments complex was built in 1972. Units average 1,038 square feet, according to the CoStar Group.

The community was 94% occupied at the time of the sale.

Blue Rock Partners has budgeted more than $4 million for interior and exterior upgrades, and will re-brand the community as The Park at Trevisso.

Jamie May, Edward Yang and Jonathan Barclay of JBM Institutional Multifamily Advisors in Tampa, represented the seller, Landmark Apartment Trust of Tampa.

Blue Rock Partners owns and manages more than 11,800 apartment units in Tampa, St. Petersburg, Clearwater, Lakeland, Fort Myers and Orlando and Birmingham, Ala.; and Atlanta.