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TAMPA, FL- Locally based Blue Rock Partners LLC has acquired the 320-unit Palm Island multifamily complex at 13800 Bruce B. Downs Blvd. for $20.42 million. The deal factored out to $63,828 per unit.
Robert Goldfinger, senior investment associate and director of Marcus & Millichap's National Multi Housing Group, tells GlobeSt.com that the seller wanted to get out of the apartment business. Goldfinger and Marcus & Millichap investment specialist Elizabeth Calleja represented the seller, Palm Island Group LLC. Palm Island Group's president is Mark Calleja.
Palm Island is a 285,568-sf complex on 11.5 acres with a mix of units, including 16 studios; 80 one-bedroom, one-bathroom units; 128 two-bedroom, one-bathroom units; 64 two-bedroom, two-bathroom units and 32 three-bedroom, two-bathroom units. Community amenities include two swimming pools, fitness center and clubhouse.
The complex has access to Interstates 275 and 75 and the University of South Florida, which is the third largest university in the state with more than 39,000 students and 2,000 faculty members. It is also located near three hospital facilities. The occupancy level of the property at the time of the sale was in the high 80s.
"This is a very functional and good-looking asset on a well-traveled street with a lot of apartments around it and a fair amount of retail," Goldfinger says. "On top of the university, there is a medical environment nearby."
Blue Rock Partners is a real estate investment company owned by Randy Ferreira and Reuven Oded. The company owns and manages more than 3,000 apartment units in Tampa and Orlando. The company plans to make capital improvements, including landscaping work, to improve the curbside appeal of the property.
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