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Laramar Pays $59M for Two-Site Portfolio

CHICAGO-Laramar Group is acquiring the 356-unit Memorial Club Apartments in Houston and the 308-unit Hampton Court Apartments in Alexandria, VA.

By Gina Kenny | Updated on January 22, 2008

CHICAGO-Laramar Group, based here, is acquiring a 664-unit multifamily portfolio with properties in Houston and Alexandria, VA. The total sales price is approximately $59 million, sources say. The seller is a New York City-based company.

Coldwell Banker Commercial–Ideal Realty Group brokered the sale. Both properties are garden-style apartment communities that are under-managed, under-utilized and under-rented in supply-constrained locations, says Jeff Elowe, president of Laramar. “They represented a very strong value-add opportunity for us, which is our strategy, in locations that we felt were infill,” he says. “They had very strong population and job growth dynamics.”Memorial Club is a 356-unit property constructed in 1969 at 904 Westcott St. in Houston. The property is at the intersection of Westcott Street and Washington, two main streets in the area, and is also within a mile from Interstate 10. The property has one-and two-bedroom apartments with an average unit size of 702 sf. The property is 90% occupied and is “vastly under-rented,” Elowe says. The complex has two pools, a clubhouse, covered parking spaces and a fitness room. Laramar plans to install new flooring, countertops and lighting in the units in addition to replacing some of the roofs and balconies. Other improvements will be increasing the amount of property management and on-site leasing staff, he says. The cost for improvements on both properties is in the multimillion-dollar range, but Elowe declined to give an estimate.

Hampton Court Apartments is a 308-unit property constructed in 1965 at 441 N. Armistead St. in Alexandria. The property is located on a 10-acre site in the Greater Washington, DC metropolitan area near Interstates 395 and 495. The complex is a mixture of one-, two- and three-bedroom apartments with an average unit size of 944 sf. The property is “80% occupied in a 95% market,” Elowe says.

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