Snell Isle Apartments bought in foreclosure deal

Buyer to renovate asset into luxury community

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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 systems, concrete walkways, concrete balconies, masonry facades, roofing, hydraulic elevators and fire alarm system. At the time of sale, the property was completely vacant. ...