Laramar Group Opens California Office, Taps Campbell as VP, Acquisitions

Laramar Group has opened a California office, based in Irvine, and hired Greg Campbell as vice president of acquisitions, the company said today. Located at 8001 Irvine Center Drive, the office will pursue value-add multi-family assets throughout the state . Laramar’s first acquisition out of the new office represents the largest Bay Area apartment purchase in 2008. Located at 355 Kiely Boulevard, the 948-unit, garden-style Archstone San Jose will be renamed The Park Kiely.  The 31-building property comprises of two- and three-story garden-style apartments, a clubhouse, fitness center, three tennis courts, five swimming pools, a sauna and sand volleyball courts, as well as a picnic area with barbeque grills and a playground. The property was purchased on behalf of the Laramar Multi-Family Value Fund.Located within the Cupertino School District, The Park Kiely is within close proximity to the headquarters of Cisco Systems, eBay and San Jose State University. Laramar plans substantial renovations and upgrades to the complex, built from 1968-1972, the company announced.  It plans to upgrade the clubhouse, develop a new fitness center and make other cosmetic exterior improvements.“We look forward to uncovering strategic opportunities in California,” Jeff Elowe, president of the Laramar Group, said in a release.  “We are pleased that Greg Campbell has joined the Laramar team; he is a talented leader and an excellent fit for our California operations.”Prior to joining Laramar, Campbell was with Archstone, where he was responsible for California acquisitions. Over the past four years, Campbell sourced and participated in the acquisition of 32 apartment communities in northern and southern California, totaling over 9,000 units and nearly $2.4 billion of investments.