SNELL ISLE, FL-The Chicago-based Laramar Group has acquired the 272-unit Snell Isle Luxury Apartments, a former condo conversation project, for $30 million. Laramar plans to invest $11 million to renovate the property.
The property was about to be foreclosed upon, so to complete the acquisition Laramar acquired the note from the senior lender and negotiated with the mezzanine lender and the current owner to complete the transaction, Laramar president Jeff Elowe tells GlobeSt.com. "The property was 100% vacant and no units have been sold under the condo conversation plans so it offered an opportunity for rapid redevelopment," Elowe says.
Constructed in 1968, the property sites on 13 acres of waterfront land with approximately 1,500 feet of water frontage and a new seawall on Smacks Bayou that leads to Tampa Bay. It includes 16 buildings, eight three-story and eight two-story buildings. Amenities include two pools and two docks. "The location of the property is unique, it sits right on the waterfront in a prestigious neighborhood," Elowe says.
Laramar will upgrade unit interiors by adding new appliances, lighting packages, carpet, cabinets, countertops, hardware and accessories. Renovations will also include repairing and texturing ceilings, modifying electrical panels and adding vinyl floorings, new HVAC systems and water heaters. Renovations are expected to be completed in late October or early November.
The property is in Pinellas County, about 3.5 miles from Downtown St. Petersburg, 15 minutes from Downtown Tampa and 20 minutes from Clearwater. Significant employers in the area include Modern Business Associates Inc., Home Shopping Network and Veterans Health Administration.
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