(Crystal Proenza is associate editor of Real Estate Florida.)

BOCA RATON, FL-There's much talk of investors looking to buy distressed properties in South Florida, but there is a noticeable absence of deals actually taking place. Laramar Group, a Chicago-based real estate investment and management company, has officially acquired a distressed property, Oceanview Apartments, in a deal that has been in the works for about six months.

The company has been managing the property for that amount of time, after it was appointed as receiver during a foreclosure process. The sale of the property--bordered by the Intracoastal Waterway and the Atlanta Ocean, located two miles from Downtown Boca Raton--was brokered by Apartment Realty Advisors.

The 160-unit development, originally built in 1967, was purchased in April 2006 by an entity named NRW Development with the intent of converting the units into condos, explains Ron Roan, head of Laramar's Florida office and vp of acquisitions. That project failed after several contracts were out and no units closed. Laramar worked with the property's senior lender, then negotiated with the mezzanine lender and owner to complete an "amicable foreclosure process," according to a release.