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by CareyBot

The Laramar Group today announced it acquired the Snell Isle Luxury Apartments in Florida in a foreclosure transaction. The 272-unit property in Snell Isle was previously a condominium conversion project, and is now designated to be renovated into high-end apartment units. The property, which sits on approximately 13 acres of waterfront land, was constructed in 1968, and includes 16 apartment buildings, comprised of eight three-story and eight two-story structures. Existing amenities include two pools and two existing docks. Laramar will invest nearly $11 million to fund a complete renovation of the complex into luxury apartments, including new appliances, carpet, countertops, HVAC systems, water heaters, exterior doors, painting, and repairs of the parking lot, irrigation syste...