The Laramar Group today announced that its Multifamily Value Fund has acquired the Waterford Lakes Apartments in Charlotte, N.C., for an undisclosed price.

The 694-unit property, located at 8000 Waterford Lakes Drive, is the 13th acquisition for the fund, which launched in December 2006. The unit mix includes one-, two- and three-bedroom apartments.

Property amenities include an on-property duck lake, tennis courts, two swimming pools, a fitness center, an indoor racquetball court, sand volleyball courts, a cinema room and a residential business center.

Laramar will upgrade the property with $4 million of improvements, including renovation of unit interiors with new kitchen and bath cabinets, addition of new amenities such as a new Internet Cafe, and exterior enhancements.

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