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.