Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.