LAKELAND, Fla.--(BUSINESS WIRE)--Blue Roc Premier Properties LLC today announced its acquisition of management control of The Park at Topaz Cay, a 197-unit multi-family property in Melbourne, Florida.
The property – formerly known as Paradise Cay – is part of a $38 million deal brokered by Franklin Street.
“The Park at Topaz Cay – located near two colleges, five major employers, four beaches and numerous retailers and recreational facilities – is a highly-desirable property,” said Randy Ferreira, owner and CEO of Blue Roc Premier Properties. “We continue to expand our property management portfolio throughout Florida, where the need for more multi-family housing continues to increase as new residents move to the state.”
The property is scheduled for a $4 million renovation as part of the ownership change. Interior renovations will include quartz countertops, stainless steel appliances, a new IT package and more. Exterior updates will also be added to reflect the Blue Roc Premier brand and will include new exterior paint colors, new roofs, updated amenities such as the clubhouses and pool areas, and the repurposing of unused amenities.
Blue Roc Premier and its affiliates manage more than 15,000 multi-family units across the Southeastern U.S., with a significant footprint throughout Florida, particularly along the I-4 corridor between Tampa Bay and Orlando. Blue Roc is continually searching for new multi-family opportunities throughout the Southeast. The addition of this asset allows the company and its partners a stronger strategic foothold in the East Central Florida market.
About Blue Roc Premier Properties: Blue Roc Premier Properties is a privately held, fully-integrated management firm focusing on multi-family management opportunities throughout the State of Florida and the Southeast through its affiliates. The company’s principals have been operating in the multi-family real estate business for over 25 years. The firm has developed a proven track record for value-added and stabilized apartment properties. The Premier Managed Portfolio is currently expanding and aggressively searching for new opportunities throughout the Southeast. For more information, visit bluerocpremier.com.
