(To read more on the multifamily market, click here.)
COCONUT CREEK, FL-Chicago-based Laramar Group has acquired the366-unit Hillsboro Bay Club Apartments at 3600 West HillsboroBoulevard.
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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