Laramar Group Acquires 694-Unit Waterford Lakes Apartments in Charlotte, NC.

Property is 13th Fund Acquisition

CHICAGO and CHARLOTTE, N.C., Feb. 20 /PRNewswire/ -- The Laramar Group, a fully-integrated real estate investment and management company, today announced the acquisition of the Waterford Lakes Apartments, a 694-unit lakeside property in Charlotte, North Carolina, located at 8000 Waterford Lakes Drive.

Waterford Lakes is the thirteenth property acquisition for Laramar Group's Multifamily Value Fund, which launched in December 2006.

"Waterford Lakes offers residents an ideal living situation: picturesque, resort-style residences located within walking distance of rapid transit, near local employment centers, shopping and major metropolitan areas," said Jeff Elowe, president of Laramar Group. "With its lush surroundings and terrific locale, Waterford Lakes is a great addition to Laramar's portfolio, and an excellent way to round out the first year of the Multi-Family Value Fund."

The South Boulevard corridor is experiencing strong growth spurred by a $400 million light rail project called the LYNX, which will connect south Charlotte from I-485 through the South End and into the Charlotte central business district. Rail service began operation in late November 2007, and has already spurred significant upscale development within the immediate vicinity of Waterford Lakes.

Prior to purchasing Waterford Lakes, Laramar had managed the 43-acre property for the previous owner. With a combination of one-, two- and three- bedroom apartments -- featuring Roman tubs, fireplaces, and garages or carports -- the property is centrally located, close to popular shops in Charlotte or nearby Pineville, as well as the South Park or Carolina Place malls, and the 77 and 485 Expressways.


Property amenities include beach resort-style architecture alongside a charming on-property duck lake, as well as multiple recreational opportunities, including tennis courts, two swimming pools, a fitness center, an indoor racquetball court, sand volleyball courts, a Cinema Room and a residential business center.

Laramar will upgrade the property with $4.0 million of improvements, including renovation of unit interiors with new kitchen and bath cabinets, addition of new amenities such as a new Internet Cafe, and exterior enhancements.

"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," continued Elowe.

In late 2006, Laramar closed the Laramar Multi-Family Value Fund, which focuses on acquiring value-add multi-family real estate assets throughout the country.

About Laramar

The Laramar Group, with corporate headquarters in Chicago, property management headquarters in Denver and a regional office in Palm Beach Gardens, Florida, is a fully integrated real estate investment and management company with more than 600 employees across the United States. Laramar and its predecessor have invested more than $1.75 billion throughout the United States. For more information, visit http://www.laramarinvestor.com/ or http://www.laramargroup.com/.

CONTACT: Kiera Kelly, +1-773-975-3538, kkelly@chasepr.com, or Julie Chase, +1-415-433-0100, jchase@chasepr.com, both of Chase Communications, for The Laramar Group

Web site: http://www.laramargroup.com/ http://www.laramarinvestor.com/

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