Laramar Group Acquires Suburban Chicago Townhomes
- Nov 13, 2013
Woodridge, Ill.—National real estate investment and management company The Laramar Group has acquired Highcrest Townhomes in the southwestern Chicago suburb of Woodridge, Ill. The transaction closed October 30, 2013.
The 45-year-old property is located at 3514 W. 83rd. St. in Woodridge, near the busy intersection of Rt. 53 and 83rd St. in the suburb. It features 10 two-story buildings that include a total of 176 residences.
“The area is an ideal location for growth in that there is consistent demand for rental housing, great transportation access and burgeoning live-work-shop-dine options,” Jeff Elowe, Laramar president and CEO, tells MHN. “Once we improve the physical and service components to the property, it will be an even more desirable home to the new and existing residents of the community.”
He adds that acquiring Highcrest Townhomes continues Laramar Group’s commitment to Chicago-area expansion. He notes the Woodridge area offers a number of employment options, with excellent access to downtown Chicago, as well as the nearby I-88 high-tech corridor and I-55 industrial corridor.
Laramar Group plans a number of capital improvements to the community, including adding contemporary features and upgrading appliances, cabinets and flooring. Common areas, the pool, landscaping and building systems will also benefit from improvements. Laramar Group intends to undertake ownership and management enhancements, and focus on providing excellent customer service.
Very few headwinds confronted Laramar Group in transacting the deal, Elowe says. “Laramar identified the availability of the property and assessed the opportunity as one well within our wheelhouse. There were no unusual challenges of which to speak,” he says. “We are pleased the seller had confidence in our ability to close within a relatively quick timeframe.”
Elowe says Laramar Group is committed to unparalleled resident service and management of each property it adds to its portfolio.
“We’re not just going to upgrade the apartments and amenities at Highcrest, we’re also going to focus on resident appreciation initiatives to enhance the overall living experience,” he says. “With our 20 years of experience in the property management, ownership and now development of multifamily homes, we feel strongly that we understand resident needs and will provide those services—whether in technology, communication or interior-exterior improvements—to enhance the general lifestyle.”