Tampa-based Blue Rock Partners LLC, in partnership with Konover South LLC of Deerfield Beach, have acquired Palm Grove Apartment Homes for $5.55 million.

Blue Rock said it would pump $2 million into the 244-unit complex at 5039 Chalet Court, near East Busch Boulevard and North 50th Street in Tampa. The development will be renamed The Park at Chesterfield "to achieve its full upside potential,” Blue Rock said in a release.

Seller Centerline Holding Company/Alliance ES Palm Grove LLC paid $10.7 million for the property in November 2008. The development sold for a high of $14.5 million in 2006, according to property records.

Blue Rock now owns more than 2,500 units in Tampa Bay and more than 1,500 units in Orlando.

Read more: Blue Rock buys apartments for $5.5M | Tampa Bay Business Journal