BLUE ROCK, KONOVER SOUTH BUY MULTIFAMILY PORTFOLIO FOR $28.2M

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FORT MYERS, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in a partnership with Konover South LLC, purchased a 512-unit multifamily portfolio in Fort Myers from IMT for approximately $28.2 million. The portfolio includes two communities: Reflections located at 3891 Solomon Blvd. and The Place at Summerlin located at 4757 Barkley Circle. The properties will be rebranded as The Park at Veneto and The Park at Murano, respectively. Blue Rock and Konover South plan to invest $4.3 million to renovate the two properties. Hampton Beebe of ARA brokered the transaction, and Ares provided acquisition financing. The communities were 95 percent occupied at the time of the sale.

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