Blue Rock Premier Properties Buys Apartment Portfolio in Jacksonville for $48M
The 248-unit Landmark at Sage Commons located at 8401 Southside Blvd. will be renamed The Park at Trapani.
JACKSONVILLE, FLA. — Newly formed Blue Rock Premier Properties LLC has closed on its purchase of a 532-unit, two-property apartment portfolio in Jacksonville from Landmark Apartment Trust for $48 million. The properties had an average 95 percent occupancy at the time of sale. The communities include the 284-unit Landmark at Hampshire Place located at 10023 Belle Rive Blvd. and the 248-unit Landmark at Sage Commons located at 8401 Southside Blvd. Blue Rock Premier will invest $3.4 million in interior and exterior upgrades and rebrand the properties as The Park at Potenza and The Park at Trapani, respectively. Dhaval Patel of CBRE’s Jacksonville office brokered the transaction. Wells Fargo provided debt financing on behalf of Blue Rock Premier.