AURORA AND GURNEE, ILL. — The Laramar Group has sold two multifamily properties in metro Chicago totaling 414 units. The sales prices and buyers were undisclosed. Laramar completed comprehensive renovation programs on each property, including a condo deconversion of one.
Covey at Fox Valley in Aurora is a 216-unit asset adjacent to Rush Copley Medical Center. Laramar completed an extensive renovation program to improve the common areas and exterior, along with unit upgrades. 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 that Laramar purchased in 2019 as a condo deconversion project. Laramar’s property repositioning plan included significant interior and exterior renovations, including adding an expansive barbecue and outdoor amenity area, updating the fitness center and improving the garage and mechanical systems. Laramar also completed common area improvements and unit renovations.