Chicago-based Laramar Group has purchased the 308-unit Hampton Court Apartments in Alexandria, and is planning $61 million renovations, a company official said last week. 

Built in 1967, and located at 441 N. Armistead Street, Hampton Court units include hardwood floors, balconies and patios, gas stoves and an outdoor pool. The purchase by Laramar is a “value-add acquisition,” with massive renovations planned.  The sale was brokered by Coldwell Banker Commercial, based in Potomac, Md.

This portfolio is an excellent opportunity for us to acquire underperforming and undervalued metropolitan properties such as this one, said Jeff Elowe, president of Laramar Group.  In keeping with Laramars strategy to purchase value-add properties in outstanding locations, Hampton Court offers excellent investment potential.  It is situated in supply-constrained markets, in affluent infill locations close to jobs, schools and shopping, with a potential upside from improved management.  

Located near the Landmark Shopping Center, Hampton Court is a 308-unit, garden-style apartment property on a 10-acre site.  Offering 1-, 2- and 3-bedroom apartments, Hampton Court is set to undergo a significant transformation, including the property name.  In addition to almost $20,000 per unit in property upgrades and renovations, Laramar Group plans to change the moniker to Bennington Crossing.

Current amenities include a community pool and a childrens playground.  Laramar Group will create new amenities, including adding a fitness center, an Internet Caf for resident use and a leasing center.  Laramar will also completely renovate the unit interiors, including new kitchens and bathrooms (complete with renovated tile, cabinets, appliances and mirrors), as well as new flooring, lighting and doors throughout each apartment. 

Exterior upgrades will include replacing all windows and roofs, as well as new paint.  Laramar is also embarking on a landscaping upgrade program for the entire property.