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COCONUT CREEK, FL-Chicago-based Laramar Group has acquired the366-unit Hillsboro Bay Club Apartments at 3600 West HillsboroBoulevard.

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Built in 1998, Hillsboro Bay Club was acquired by Laramarbecause there is opportunity to add value to the property throughimproved management and minor capital expenditures. The acquisitionprice was not released. Laramar president Jeff Elowe tellsGlobeSt.com that the acquisition was off-market. "The property hadbeen offered to a condo converter at a much higher price," Elowesays. "It had the lowest occupancy rates in the market and it wasalso was of the nicest properties."

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Elowe says Laramar plans to increase occupancy by, among otherinitiatives, adding amenities to the property, such as a fitnesscenter and business center. "It has great space but offers very fewamenities," he says.

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The acquisition is part of Laramar's plans to expand itsactivities in South Florida. The company recently opened a regionaloffice at 8461 Lake Worth Road in Lake Worth and will ultimatelyemploy six to 10 people. The new office will be dedicated toacquiring multifamily properties that have value-addedopportunities. Laramar hired Ron Roan as vice president ofacquisitions to lead the Florida investment program. Prior tojoining the company, Roan was vice president of Creative ChoiceHomes, Inc. where he was responsible for acquiring existingcommunities and new multifamily development throughout Florida. "Webelieve that there are opportunities to buy property in SouthFlorida," Elowe says. "Some owners and developers were late in thecycle and have liquidity options."

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Laramar recently closed a $350 million investment fund calledthe Laramar Multi-Family Value Fund the will give the company theability to acquire $1.4 billion in value-add multi-family realestate assets throughout the country.

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