Completes Foreclosure on 160-Unit Luxury Apartment Complex
CHICAGO and BOCA RATON, FL/PRNewswire/ -- Chicago-based Laramar Group, a fully-integrated real estate investment and management company, has acquired Oceanview Apartments, (top right photo) a 160-unit waterfront property located in Boca Raton, Fla.
The Oceanview property, to be re-named "Villa Oceana Apartments," was previously a condominium conversion project, and is now designated to be renovated as luxury waterfront apartment units.
Laramar acquired the note on the Oceanview property from the senior lender and negotiated with the mezzanine lender and the current owner to complete an amicable foreclosure process.
During the foreclosure process, Laramar was appointed as receiver and took over management of the property. The sale was brokered by the Boca Raton office of Apartment Realty Advisors.
"We feel very fortunate to have had the opportunity to manage and maintain Oceanview for the last six m
onths. It has provided us valuable knowledge as to how to best implement our rehab program at the property," said Ron Roan, (middle left photo) vice president of acquisitions for Laramar's regional office in Palm Beach Gardens, Fla. "Waterfront apartment properties are very rare, especially in Southeast Florida, and we look forward to improving Oceanview to a luxurious level, maximizing its outstanding setting and waterfront location."
onths. It has provided us valuable knowledge as to how to best implement our rehab program at the property," said Ron Roan, (middle left photo) vice president of acquisitions for Laramar's regional office in Palm Beach Gardens, Fla. "Waterfront apartment properties are very rare, especially in Southeast Florida, and we look forward to improving Oceanview to a luxurious level, maximizing its outstanding setting and waterfront location."Uniquely situated on 4.7 acres of premium waterfront land, Villa Oceana is bordered on the west side by the Intracoastal Waterway, and on the east side, by the Atlantic Ocean.
"As a unique waterfront property in a prestigious area, Villa Oceana affords Laramar an excellent opportunity to greatly enhance value through extensive renovation," said Jeff Elowe,(middle right photo) president of Laramar. "We were pleased to work with all parties involved (e.g. own
ers and banks) to find an agreeable solution to address the future of this property."
ers and banks) to find an agreeable solution to address the future of this property."The acquisition was spearheaded out of the company's Palm Beach Garden's office in Florida, which is dedicated to acquiring multi-family and related assets throughout the state as part of the company's strategy to acquire such investments nationwide.
Laramar has developed an expertise in the acquisition of notes backed by quality real estate and is actively pursuing similar opportunities.About Laramar GroupThe Laramar Group, LLC is a fully-integr
ated real estate investment and management company, with corporate headquarters in Chicago, property management headquarters in Denver and regional offices in Palm Beach Gardens, Fla., and Irvine, Calif.
ated real estate investment and management company, with corporate headquarters in Chicago, property management headquarters in Denver and regional offices in Palm Beach Gardens, Fla., and Irvine, Calif. With a consistent national operating platform, Laramar is an industry leader in multi-family investment, acquisition, renovation and management.In December 2006, the Laramar Group closed the Laramar Multi-Family Value Fund, giving the company the ability to acquire $1.4 billion in value-add multifamily real estate assets throughout the country.
CONTACT:
Kiera Kelly, +1-773-975-3538, kkelly@chasepr.com, or
JulieChase, +1-415-433-0100, jchase@chasepr.com,
both of Chase Communications, forThe Laramar Group, LLC
Web site: http://www.laramargroup.com/
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