The Laramar Group, a real estate investment and management company, has announced the acquisition of Bay Park at Clearwater Apartments, a 228-unit property at 101 S. Old Coachman Road in Clearwater, Fla. The site was formerly a condominium conversion project that will now offer mid-range rental housing. The purchase price was not announced.
Laramar announced that it will upgrade the property with $2.4 million of improvements, including an Internet cafe, upgraded entertainment center and other improvements.
The acquisition was led by the company’s new regional office in Palm Beach Gardens, Fla., which is dedicated to acquiring multifamily assets throughout Florida. In late 2006, Laramar closed a $350 million investment fund, giving the company the ability to acquire $1.4 billion in value-add multifamily real estate assets.