The Laramar Group completed the disposition of two multifamily properties totaling 414 units in the greater Chicago area.
Laramar completed comprehensive renovation programs on each property, including a condo deconversion of one property, as part of value-add strategies to reposition the assets for today’s market.
Covey at Fox Valley in west suburban Aurora, IL is a 216-unit, garden style property located on the Aurora-Naperville border, allowing residents proximity to both vibrant downtown areas. The property is located near expansive outdoor recreation areas and is adjacent to Rush Copley Medical Center, the largest employer in Aurora, employing 2,000 people. The location also provides access to top employers in the I-88 Tech and Research Corridor.
Laramar completed an extensive renovation program to improve the property’s common areas and exterior, along with unit upgrades. All units feature two bedrooms. The property includes an expanded fitness center, a dog park and an exterior seating and grilling area. Laramar also installed professional management and leasing staff to oversee the property.
Luna Park Apartments is a three-building, 198-unit development in Gurnee, IL that was purchased by Laramar in 2019 as a condo deconversion project. The property is located in the growing Lake County submarket, near I-94 and Route 41 and the Grand Avenue retail and entertainment corridor.
Laramar’s deconversion and property repositioning plan was comprised of significant interior and exterior renovations, including adding an expansive barbeque and outdoor amenity area, updating the fitness center and improving the garage and mechanical systems. Laramar also completed common area improvements and unit renovations, which are a mixture of one, two and three bedroom units.
Financial terms were not disclosed.
