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.