Lakeland apartment investors take control of more than 1,000 Florida units via recapitalization agreement
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 7, 2023

A Lakeland investment firm has added more than 1,000 Florida apartments to its management portfolio after completing a $150 million recapitalization agreement.

Blue Roc Premier Properties LLC said Thursday it has added 1,020 units in Safety Harbor and Jacksonville to its portfolio. Three buildings are part of the deal:

The Park at Torino, 200 units at 2035 Philippe Parkway, Safety Harbor

The Park at Via Veneto, 520 units at 445 Monument Road, Jacksonville

The Park at Avellino, 300 units at 4500 Baymeadows Road, Jacksonville

“As part of a $150 million recapitalization agreement finalized in June between the principals of Blue Roc Premier and their new investment partners, this strategic collaboration not only enhances our footprint in Florida’s ever-expanding multifamily marketplace but also allows us the opportunity to continue to bring our first-in-class service and amenities to these communities,” Charles Faramo, Blue Roc vice president of acquisitions, said in a statement.

All three properties will receive interior and exterior upgrades as part of the transaction. Exterior improvements include new paint, new roofs and updates to the amenities such as the clubhouses and pool areas, as well as electric vehicle charging stations. Inside the units, Blue Roc plans to add granite countertops, stainless steel appliances and an upgraded IT package.

Blue Roc manages more than 16,000 apartments throughout the Southeast.