The Real Deal Miami

Failed Boca condo conversion sells

July 29, 2008 10:21AM

Laramar Group, a Chicago-based real estate investment and management company, bought a failed Boca Raton apartment complex in what market watchers hope is the start of a trend of idle properties there changing hands, albeit at a discount. Laramar did not disclose the price paid for the Oceanview Apartments complex, but said negotiations took about six months. Apartment Realty Advisors brokered the deal. The 160-unit Oceanfront, built in 1967, was bought by NRW Development in 2006, and was slated to be converted into condominiums, but the project failed.