Florida

MIAMI — Blue Rock Partners LLC Affiliates, in partnership with institutional investors, has acquired Pinebrook Apartments, a 309-unit multifamily community in Miami. Pinebrook South Ltd. sold the property to the joint venture, known as Pinebrook Property Holdings LP, for $37.3 million. The joint venture comprises a Blue Rock Partners affiliate, a Canadian-based investment firm and a New York-based institutional investor. The company will invest roughly $3 million in exterior and interior upgrades and will rename the property The Park at Sheffield. Evan Kristol of Marcus & Millichap brokered the transaction, and Ladder Capital Finance LLC provided debt financing for the acquisition. At the time of sale, the property was 98 percent occupied.

BRADENTON, FLA. — Lexerd Capital Management LLC has acquired Springs at Braden River, a 270-unit apartment community in Bradenton, a city roughly 50 miles south of Tampa. The sales price was not disclosed, but the Bradenton Herald reports Wisconsin-based Continental Properties sold the asset for $38.7 million. Lexerd, a New Jersey-based sponsor of private equity funds, renamed the property The Lory of Braden River. The property comprises 15 buildings on approximately 41 acres and features a swimming pool, dog park, picnic and grilling areas and bike storage.