Laramar Group Acquires 43-Acre 694-Unit Property in Charlotte
- Feb 21, 2008
By Anuradha Kher, Online News EditorCharlotte, N.C.–The Laramar Group, a real estate investment and management company, has acquired Waterford Lakes Apartments, a 694-unit property in Charlotte, N.C., located at 8000 Waterford Lakes Drive for more than $50 million.Waterford Lakes consists of resort-style residences located within walking distance of rapid transit, and near local employment centers, shopping and major metropolitan areas. Jeff Elowe, president of Laramar Group says, “Its lush surroundings and locale make this property a great addition to our portfolio.”A $400 million light rail project called the LYNX, which will connect south Charlotte from I-485 through the South End and into the Charlotte central business district, is spurring growth in this region making this a strategic acquisition for Laramar Group.Prior to purchasing Waterford Lakes, Laramar had managed the 43-acre property for the previous owner. The one-, two- and three-bedroom apartments feature Roman tubs, fireplaces and garages or carports. Amenities include an on-property duck lake, as well as tennis courts, two swimming pools, a fitness center, an indoor racquetball court, sand volleyball courts, a Cinema Room and a residential business center.Laramar plans to make a $4 million upgrade to this property including renovation of unit interiors with new kitchen and bath cabinets, and addition of amenities such as an Internet Café and other exterior enhancements. “The acquisition of Waterford Lakes is in line with Laramar’s strategy to purchase well-located properties and enhance their value through renovation and management,” says Elowe. Waterford Lakes is the 13th property acquisition for Laramar Group’s Multifamily Value Fund, which launched in December 2006.