145
LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.