Ram has announced that during the month of December 2012, it has concluded the acquisition of three multifamily properties in the southeast, adding in excess of 1,000 units to its roster of communities under ownership and management: Stonehenge Apartments in Raleigh, NC; The Resort at Lake Fredrica in Orlando, FL; and Piper Station at Piper Glen in Charlotte, NC.
“The common theme amongst these acquisitions,” said Casey Cummings, Ram’s CEO, “is that Ram is seeking a greater return than the traditional existing asset cash flow. Each of these assets provides real value-add opportunities, either through the development of excess land and/or through the incremental returns from investing in the rehabilitation of the property.”
Ram intends to upgrade, rebrand and provide marketing support to enhance performance in better-maintained communities, such as Stonehenge, or undertake extensive rehabilitation in properties that have not been kept current, like the Resort at Lake Fredrica. “We expect the apartment business to continue to be a major part of our business in this cycle,” Cummings added.
Stonehenge Apartments was built in four phases between 1984-1993 and offers 452 units with 11 floor plans. The multifamily community is located in a mature master planned development ten miles north of Raleigh and already maintains a very high occupancy.
Piper Station Apartments at Piper Glen is a 212-unit garden-style apartment community located in the Ballantyne submarket of Charlotte. The property was built in 1996, has been well maintained, but has not undergone significant renovation.
The Resort at Lake Fredrica is a 360-unit garden-style apartment community, situated on a 37.5-acre site on South Semoran Avenue in southeast Orlando. The property was built in 1973 and renovated in 1997 and 2006. The property’s unique location on a spring-fed lake, with close proximity to Orlando International Airport, balances convenience with a waterfront location. The property enjoys consistent occupancy rates above 90%.