The complex includes one-, two- and three-bedroom units with features including Roman tubs, fireplaces and garages or carports. Property amenities include tennis courts, a fitness center, two swimming pools and an indoor racquetball club.
Laramar plans to spend $4 million in capital improvements to the property including renovation of unit interiors with new kitchen and bath cabinets, exterior enhancements and the addition of an Internet Café.
The property is located in an area experienced strong growth due to the LYNX, a $400-million light rail project that connects south Charlotte from Interstate 285 through the South End and into the Charlotte central business district. Rail service began operating in November. It is also close to shops in Charlotte and Pineville, as well as the South Park and Carolina Place malls.
"The acquisition of Waterford Lakes is in line with Laramar's strategy to purchase well-located properties and enhance their value through renovation and management," says Laramar Group president Jeff Elowe.
The property was acquired under the company's Laramar Multi-Family Value Fund, which was launched in December 2006 to acquire value-add multifamily properties throughout the country. This is the 13th property acquired under the fund.
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