Completes Foreclosure on 160-Unit Luxury Apartment Complex



    CHICAGO and BOCA RATON, Fla., July 28 /EMWNews/ -- Chicago-based

Laramar Group, a fully-integrated real estate investment and management

company, today announced the acquisition of Oceanview Apartments, a

160-unit waterfront property located in Boca Raton, Fla.



    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.



    "We feel very fortunate to have had the opportunity to manage and

maintain Oceanview for the last six months. It has provided us valuable

knowledge as to how to best implement our rehab program at the property,"

said Ron Roan, vice president of acquisitions for Laramar's regional office

in Palm Beach Gardens, Fla. "Waterfront apartment properties are very rare,

especially in Southeast Florida, and we look forward to improving Oceanview

to a luxurious level, maximizing its outstanding setting and waterfront

location."



    Uniquely 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 expansive ocean views, and close

to Boca's waterfront parks and trails, Villa Oceana will be the only luxury

waterfront apartment property in Boca Raton, offering renters a unique

waterfront lifestyle.



    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, new kitchens, including granite

countertops; lighting packages, new carpet and cabinets, as well as

hardware and accessories for all units. 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.



    Curb appeal 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.



    Villa Oceana was constructed in 1967 and consists of two mid-rise

buildings. Existing amenities include a pool, exercise facility, nine

existing boat slips and private gated access to the ocean. The location is

2 miles from downtown Boca Raton, an area renowned for high end shops,

restaurants and employment, 20 minutes from Fort Lauderdale, and 30 minutes

from West Palm Beach.



    "As a unique waterfront property in a prestigious area, Villa Oceana

affords Laramar an excellent opportunity to greatly enhance value through

extensive renovation," said Jeff Elowe, president of Laramar. "We were

pleased to work with all parties involved (e.g. owners and banks) to find

an agreeable solution to address the future of this property."



    The acquisition was spearheaded out of the company's Palm Beach

Garden's office in Florida, which is dedicated to acquiring multi-family

and related assets throughout the state as part of the company's strategy

to acquire such investments nationwide. Laramar has developed an expertise

in the acquisition of notes backed by quality real estate and is actively

pursuing similar opportunities.

    About Laramar Group



    The Laramar Group, LLC is a fully-integrated real estate investment and

management company, with corporate headquarters in Chicago, property

management headquarters in Denver and regional offices in Palm Beach

Gardens, Fla., and Irvine, Calif. With a consistent national operating

platform, Laramar is an industry leader in multi-family investment,

acquisition, renovation and management.



    In December 2006, the Laramar Group closed the Laramar Multi-Family

Value Fund, giving the company the ability to acquire $1.4 billion in

value-add multifamily real estate assets throughout the country. For more

information, visit http://www.laramargroup.com.