Laramar Group Acquires 664 Apartment Units Across Two Properties
- Feb 04, 2008
By Anuradha Kher, Online News EditorAlexandria, Va., Houston–Laramar Group, a Chicago-based real estate investment and management company, has acquired the 308-unit Hampton Court Apartments in Alexandria and the 356-unit Memorial Club Apartments in Houston. “This portfolio is an excellent opportunity for the Laramar Multi-Family Value Fund to acquire underperforming and undervalued metropolitan properties,” says Jeff Elowe, president of Laramar Group. “In keeping with Laramar’s strategy to purchase value-add properties in outstanding locations, both Hampton Court and Memorial Club offer excellent investment potential. Both properties are situated in supply-constrained markets, in affluent locations close to jobs, schools and shopping, with a potential upside from improved management.”Laramar Group is planning multi-million-dollar renovations at the two garden-style apartment communities.The Memorial Club was built in 1969 and contains a mixture of one- and two-bedroom apartments. The building’s amenities include two community pools, controlled access gates, a clubhouse, an exercise/fitness room and covered parking spaces.Renovations at the Memorial Club will include new flooring, countertops and lighting in all apartment units, as well as replacement of some roofs and balconies. The Hampton Court is a built on a 10-acre site and has one-, two- and three-bedroom apartments. Laramar plans a significant transformation for this building, including upgrades worth $20,000 per unit. The Hampton court amenities currently include a community pool and a children’s playground and the renovations will create new amenities such as fitness center, an Internet Café for resident use and a leasing center.Coldwell Banker Commercial–Ideal Realty Group, an affiliate of Coldwell Banker Commercial based in Potomac, Md., brokered the deal.