Tampa-based Blue Rock Partners, LLC, closed its $23.4 million purchase of Landings at Oak Hill, a 450-unit apartment community located in Atlanta’s thriving Airport City submarket at 4300 Flat Shoals Road, Union City. In making the announcement, Blue Rock Partners’Managing Partner, Reuven Oded, confirmed the purchase as Blue Rock’s third Atlanta apartment buy in the past 19 months totaling over $50 million. Representing a price per unit of $52,000, the complex will be re-branded and marketed as The Park at Morella, Oded added. “With 92 percent occupancy at closing, the property represents an outstanding value-add opportunity in one of the fastest growing MSAs in the country,” said Oded.

Oded stated that the partnership will invest another $4.1 million in exterior and interior upgrades at Landings at Oak Hill. Financing for the purchase was provided by Wells Fargo Multifamily Capital and the transaction was brokered by Cushman & Wakefield. The property was purchased with Canadian-based Rosdev Group, Blue Rock’s capital partner in the community. Chartwell Multifamily LLC was the seller.

Elaborating, Oded added, “As a leader in the value-add market, our investors and partners achieve the highest risk-adjusted return on equity compared to current low yields in bond and equity markets. Based on market fundamentals, we are confident that the value-add space will offer prime opportunities into the future, and Blue Rock Partners will continue as a major force going forward.”

A leading investment and management company, Blue Rock Partners owns or manages approximately 1,500 Atlanta-area rental units plus 5,000 units in Alabama and Florida through various partnerships, according to Oded. To learn more about The Blue Rock Lifestyle including third-party management by Blue Rock Partners, contact Reuven Oded at (813) 620-0800.

Blue Rock Partners’ headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Fla. Visit Blue Rock Partners’ website at www.bluerockpartnersllc.com.