Apartment Buyer Targets Distressed Florida Condos

The Laramar Group has acquired a 272-unit apartment property in Pinellas County, Fla. for an undisclosed price. The Snell Isle property was previously a condominium conversion project. But it will now be renovated into high-end waterfront apartment units. Laramar, a private apartment investment firm, acquired the property through a bank foreclosure.

“Laramar plans extensive renovations and the addition of resort-like amenities to the Snell Isle Luxury Apartments, which will greatly enhance this property and maximize its outstanding setting and waterfront location,” says Ron Roan, vice president of acquisitions for Laramar’s regional office in Palm Beach Gardens, Fla. “The Snell Isle Luxury Apartments offer a high quality living environment in a beautiful and well located area.”

Chicago-based Laramar has been an active buyer in Pinellas County. In late August, for example, Laramar bought a 228-unit apartment property in Clearwater. This was also a failed condominium conversion project that will instead be redeveloped into Class-A rental units.

Laramar expects to spend roughly $11 million on a complete renovation of the Clearwater property, which is located near St. Petersburg. The property has an excellent setting with approximately 1,500 linear feet of water frontage, and a new seawall on Smacks Bayou that leads into Tampa Bay.

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