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SANFORD, FLA. — A joint venture between Tampa, Fla.-based Blue Rock Partners and Deerfield Beach, Fla.-based Konover South has purchased a 256-unit apartment community in Sanford from Robbins Associates for $18.5 million. Sailpointe at Lake Monroe is located on 401 W. Seminole Blvd. The new owners plan to invest $1.8 million in the property to upgrade its appearance, unit interiors and amenities. The community will also be renamed The Park at Ravello. Shelton Granade of the Orlando office of CB Richard Ellis brokered the transaction, and Prime Capital provided acquisition financing. The purchase represents Blue Rock and Konover South’s 11th joint acquisition in the past four years in the Orlando and Tampa Bay markets.