By Jennifer LeClaire, via GlobeSt.com
CHARLOTTE—Ram is sold on Charlotte. That’s why the company keeps making investments there. Ram Realty Partners III (RRP III), an affiliate of south Florida-based Ram, has announced an equity investment in a joint venture to develop The Crest at Midtown in Charlotte. The deal marks the fourth investment in Charlotte since opening its South End office in 2011.
Lennar Apartment Communities is developing the project. The 261-unit luxury mid-rise multifamily community is located on a South Kings Drive infill site in the Midtown submarket, across from the Metropolitan.
“We are aggressively expanding Ram’s presence and portfolio in the region, particularly with multifamily opportunities,” says Casey Cummings, CEO of Ram. “The Crest at Midtown investment is compelling for two reasons: First, the location is unparalleled in Charlotte. Second, we have known the senior team at Lennar Apartment Communities for more than 15 years and are looking forward to working with them on this and other exciting opportunities in the market.”
Ram’s third investment fund is pursuing value-add retail and multifamily opportunities, as well as participating in equity joint ventures with solid development partners. Though this is the first joint venture investment in RRP III, Ram has been executing deals and investing with partners since 1996.
The Crest at Midtown investment is the second recent transaction for Ram in the Charlotte market. In 2012, an affiliate of RRPIII acquired Piper Station, a 212-unit luxury multifamily community in Ballantyne. Earlier this year, the company acquired an adjacent seven-acre parcel where it will develop an additional 112 units.
“Ram is a knowledgeable and talented investor in projects such as this, and are known for their integrity and professionalism,” says Todd Farrell, regional president of Lennar. “While we at Lennar look to expand our national platform, our relationship with Ram will certainly grow in scale. The Crest at Midtown represents the first of those efforts, and we look forward to its success.”
Ram, which owns the Design Center of the Carolinas, is aggressively investing in Charlotte, both acquiring existing multifamily properties and developing new product. One of the most notable pieces of land Ram acquired is adjacent to the Design Center. The Crest at Midtown is the seventh investment made by RRP III and brings the total asset value to the $200 million mark.