Charlotte – Ram announced today that it has opened an office in Charlotte to manage its growing portfolio of investments in North and South Carolina, Georgia and Virginia.
The new office is located in the Design Center of the Carolinas in historic South End, a commercial property Ram has owned since 2007. Initially, the office is being staffed by Kimberly Armstrong, a senior property manager with 25 years of experience, who is relocating from Ram’s Tampa, FL office
Ram first entered the North Carolina market in the late 1990’s by partnering with Michigan-based Beztak Companies in the development of the Terraces at Brier Creek, a luxury apartment development near the Research Triangle Park. Since that time, the company has acquired, upgraded and subsequently sold Ivy Chase, a student-housing community near the Centennial Campus of NC State, and more recently acquired and remodeled Durham Festival, a Kroger-anchored neighborhood shopping center near the Duke University Campus.
In addition to acquiring and developing real estate, Ram has been active during the past two years, through its Ram Realty Partners II Fund, in the acquisition of distressed debt. In July of 2010, in partnership with Square Mile Partners, Ram acquired a portfolio of 39 notes, all secured by retail properties in the Southeast. Of this total, 12 are located in Virginia, Georgia and the Carolinas.
“This new office is a demonstration of our commitment to the North Carolina market, said Casey Cummings, Ram’s Chief Executive Officer. “The economic crisis from which we are finally emerging hit Charlotte hard, but we have tremendous confidence in the mid- and long-term prospects for this community.”
In January of this year, Ram broke ground on 140 West Franklin, a new mixed-use community in the heart of Chapel Hill. Located on a former municipal parking lot on Franklin Street, this property will offer 140 condominium residences and 26,000 square feet of retail in the center of town. Ram maintains a full-time development office at the Chapel Hill location.