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BLOOMINGTON, MN-The Chicago-based Laramar Group has purchased the 351-unit International Village Apartments, a property in the southern suburb of Minneapolis. The acquisition follows the announcement of the firm launching the Laramar Multi-Family Value Fund, a $350-million fund, allowing the company to buy $1.4 billion in value-add, multifamily real estate assets throughout the country. The company kicked off its fund in December with the acquisition of four multifamily properties totaling 1,428 units.

A company spokeswoman tells GlobeSt.com that the firm intends to spend about $750,000 on property improvements on the property, including new exterior painting, landscaping upgrades, clubhouse redecoration and parking lot resurfacing. "It will be a pretty comprehensive internal and external renovation," the spokeswoman says." Also, the company will add new amenities, with a new entertainment and stadium-style seating, as well as new management and marketing efforts, she says.

Jeff Elowe, president of Laramar Group, tells GlobeSt.com that the fund will target underperforming properties in major US markets, especially on the coasts. Bennett Neuman, senior vice president of acquisitions, said in a statement that Bloomington is part of a thriving area in need of a quality, mid-range rental properties. She says she could not divulge the purchase price of the International Village property, or the occupancy rate.