Blue Rock Partners Enters the Jax Market with $64.8M Purchase of a 3 Apartment Bldg Portfolio
Blue Rock Partners (Tampa HQ’d) has officially entered the Jacksonville market, with a recent purchase of 3 apartment buildings totaling 1,040 units and were 95% occupied at the time of the sale. The properties are described below:
– Madison Savannah Oaks at 6017 Roosevelt Blvd; sold for $13,582,080; will be renamed The Park at Marbella
– Madison Spring Woods at 445 Monument Road; sold for $30,235,680; will be renamed The Park at Via Veneto
– Madison Bay Pointe at 4500 Baymeadows Road sold for $20,982,240; will be renamed The Park at Avellino
According to Bradley Coe and Doug Blair, directors of the Colliers Multifamily Team, the average sales price for vintage properties built in the 70’s has increased from $63,897/unit last year, to $77,614/unit this year.