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Laramar buys Florida waterfront complex

The Chicago-based real estate investment company has acquired a 160-unit waterfront multifamily property in Boca Raton, Florida.

The Laramar Group has acquired the Oceanview Apartments in Boca Raton, Florida. The property will be renamed Villa Oceana Apartments. Financial terms of the deal were not disclosed.

The 160-unit waterfront complex, previously a condo conversion project, will be repositioned as luxury waterfront apartments. The property, situated on 4.7 acres of land, comprises two buildings with amenities including a pool, exercise facility and nine boat slips.

Laramar is planning renovations to the property including upgrades to unit interiors, the addition of an Internet Cafe and a business center, and upgrades to exercise facilities and pool.

“As a unique waterfront property in a prestigious area, Villa Oceana affords Laramar an excellent opportunity to greatly enhance value through extensive renovation,” Laramar president Jeff Elowe said in a statement.

Chicago-based Laramar Group focuses on multi-family investment, acquisition, renovation and management. It closed the $350 million Laramar Multi-Family Value Fund in December 2006 to acquire value-add multifamily properties in the US.