PENSACOLA, FL - Marking its second major Pensacola apartment buy in the past nine months, Tampa-based Blue Magma Residential LLC increased its stake in the Pensacola market to nearly $50 million with its $17.8 million purchase of the 194-unit Heritage Apartments. Centrally located at 6115 N. Davis Highway, the 20-building community is being re-branded and marketed as The Park at Sterling Hills. Just last December, the company acquired the 268-unit Fairfield Lakes Apartments located at 8100 W. Highway 98 for $29 million. The Fairfield Lakes community has been re-branded and marketed as The Park at Nottingham.
In making the announcement, Reuven Oded, Managing Partner of Blue Magma Residential, stated that the transaction, which closed on August 30, “marks the second stage of our company’s strategic entry into Pensacola’s Value-Add submarket.” Blue Magma Residential is a privately-held commercial real estate management company, which through its affiliates, co-owns or manages over 10,000 apartment units in Florida, Alabama, Georgia, Mississippi, Tennessee and Texas.
Oded added that the company will invest approximately $2 million into exterior and interior improvements at its newly acquired property.
Elaborating, Oded added, “Representing our second major Pensacola acquisition in the past nine months, Blue Magma Residential is expanding our entry into the promising Pensacola market. Much like our prior acquisition, this property is well-located near Cordova Mall, Sacred Heart Hospital Pensacola and the University of West Florida. I feel there is a growing opportunity, and frankly a void, in this under-serviced and under-appreciated real estate market for companies like Blue Magma Residential, where customer service and focus on excellence is a core value of our business model.”
Concluding, Oded added, “Blue Magma Residential is continuing in its deliberate strategy of acquiring Value Add properties in the Southeastern U.S. market where demographic growth, job growth, household expansion and corporate relocations are all solid and trending upward.”
With approximately 95 percent occupancy at closing, the 194-unit property offers one, two and three bedroom apartment homes with ample parking and countless amenities on 15.7 acres. The transaction was brokered by David Etchison of Berkadia. Financing was provided by Regions Bank.
More About Blue Magma Residential LLC: Blue Magma Residential LLC is a privately-held commercial real estate management company headquartered in Tampa, Fla., which through its affiliates co-owns or manages over 10,000 multi-family units throughout the Southeast. Blue Magma strives to create dedicated brand recognition in the markets they serve. They dwell on every aspect of the assets they own and manage, and their work is manifested through their signage, color schemes, landscaping, mantra signs, state-of-the-art business centers, beautifully appointed models, high tech gyms, electronic gating systems, designer-like interiors and fixtures, and their highly motivated and dedicated staff.