Chicago-based Laramar Group, a fully-integrated real estate investment and management company, announced the acquisition of Oceanview Apartments, a 160-unit waterfront property located in Boca Raton.
The Oceanview property, to be re-named Villa Oceana Apartments, was previously a condominium conversion project, and is now designated to be renovated as luxury waterfront apartment units.
Laramar acquired the note on the Oceanview property from the senior lender and negotiated with the mezzanine lender and the current owner to complete an amicable foreclosure process. During the foreclosure process, Laramar was appointed as receiver and took over management of the property. The sale was brokered by the Boca Raton office of Apartment Realty Advisors.
Situated on 4.7 acres of premium waterfront land, Villa Oceana is bordered on the west side by the Intracoastal Waterway, and on the east side by the Atlantic Ocean. Surrounded by ocean views and close to Boca Raton’s waterfront parks and trails, Villa Oceana will be the only luxury waterfront apartment property in Boca Raton.
Laramar will complete an extensive renovation with the addition of resort-like amenities. Renovations and upgrades to unit interiors will include new appliances, washers and dryers and new kitchens, including granite countertops, lighting packages, new carpet and cabinets. Planned amenities will include the addition of an internet cafe and a business center, as well as upgraded exercise facilities and pool. Renovations will begin almost immediately.
Other improvements to the property will include a new monument sign, landscaping, exterior painting and parking lot repairs. Deferred maintenance items will also be addressed. Additionally, Laramar will implement its nationwide green practices, which range from energy- and water- efficient appliances in the units, to property-wide initiatives and recycling programs.