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BLOOMINGTON, MN-The Chicago-based Laramar Group has purchasedthe 351-unit International Village Apartments, a property in thesouthern suburb of Minneapolis. The acquisition follows theannouncement of the firm launching the Laramar Multi-Family ValueFund, a $350-million fund, allowing the company to buy $1.4billion in value-add, multifamily real estate assets throughout thecountry. The company kicked off its fund in December with theacquisition of four multifamily properties totaling 1,428units.

A company spokeswoman tells GlobeSt.com that the firm intends tospend about $750,000 on property improvements on the property,including new exterior painting, landscaping upgrades, clubhouseredecoration and parking lot resurfacing. "It will be a prettycomprehensive internal and external renovation," the spokeswomansays." Also, the company will add new amenities, with a newentertainment and stadium-style seating, as well as new managementand marketing efforts, she says.