January 2014

  • Jan

Ram Fund Acquires Two Atlanta Apartment Communities– Adds 625 Multifamily Units

January 30, 2014

Ram Realty Services announces its first acquisitions of the New Year. An affiliate of Ram Realty Partners III, L.P. recently acquired two multifamily properties: Aventine at Vinings and Aventine at Ashford, for a combined $70.4 million. Ram’s management company immediately took over the day-to-day property management of the communities and is rebranding the properties as Rock Creek at Vinings and Rock Creek at Ashford, respectively.

Rock Creek at Vinings is a 403-unit garden apartment community, located in the Smyrna/Vinings submarket of Atlanta. The well-amenitized property, with abundant natural space, was built in 1991. With convenient access to both I-285 & I-75, the community is located near the corporate headquarters of The Home Depot, Coca Cola Enterprises, Genuine Parts (Napa) and The Weather Channel, in addition to the Atlanta Braves’ newly announced stadium.

Rock Creek at Ashford, built in 1987, is a 222-unit garden apartment community, located in the Brookhaven submarket. The property enjoys a premium location near the Central Perimeter office submarket, the strongest performing Atlanta office market. Rock Creek at Ashford is also located within one mile of 3 major hospitals collectively known as “Pill Hill”, containing over 1,400 hospital beds and 8,700 employees. The property is adjacent to the Ashford Dunwoody YMCA and across the street from a 50 acre park and tennis facility.

“The focus of Ram’s business model is to pursue investments where we can deploy both capital and human resources,” said Ram CEO Casey Cummings. “These properties represent a classic value-add opportunity for Ram’s investors, where improving the lifestyle experience for residents will, in turn, result in stronger property operating performance.”

Ram will be undertaking a modernization program to update interior finishes and community amenities at both properties. In a twist on upgrading options, Ram will offer tenants a personalization program typically found only in custom home purchases, that is, the opportunity to select from a variety of finish level and multiple price points.

Jim Stine, Ram’s Chief Investment Officer, added, “While we have invested in Atlanta since 2007, these new acquisitions will benefit from significant new demand drivers. State Farm Insurance has signed several recent large leases in the Central Perimeter market, bringing hundreds of new workers in close proximity to Rock Creek at Ashford. The Braves’ new stadium and related mixed-use development on 60 acres is located just 2 miles from Rock Creek at Vinings and is projected to generate more than $400 million in additional investment.”

The law firm of Greenberg, Traurig represented Ram, with financing provided by PNC National Bank.

  • Jan

High Five to South End with the Fifth Annual “Highest Design” Contest

January 17, 2014

Charlotte, NC – The Design Center of the Carolinas (DCC) and Ram Realty Services announce their fifth annual art contest for Charlotte’s design and arts community. The Highest Design Water Tower Art Contest puts the winning artist’s work on display on the highest canvas in town, a 125’ water tower, and awards the winner a $1,000 check. This year’s theme is “High Five to South End,” allowing artists to share what they love about living, working or just visiting South End. The contest begins January 16 with entries due by March 28, 2014. Online voting will run from March 31 – May 2, 2014.

The Charlotte professional arts community including designers, photographers, illustrators and other artists are invited to participate. The winning selection will be determined by public online voting. The DCC and Ram Realty Services are supporting Charlotte-Mecklenburg Schools for the fifth year with the winning artist selecting a school in need from a list of Charlotte-Mecklenburg Schools to champion. In addition to the artist winning $1,000, Ram Realty Services along with Family Dollar, Staples and Binders will make donations of art and creative supplies to the Charlotte-Mecklenburg School championed by the winning artist. Last year’s winning school was Billingsville Elementary School.

The artwork will be replicated onto a large horizontal vinyl canvas and installed on the Design Center of the Carolinas water tower in place of the 2013 artwork entitled, 6/8. The winning entry will be selected by the Charlotte community through a web and social media campaign on the DCC Facebook page, facebook.com/DesignCenterCarolinas.

Entries must be submitted in a high resolution digital format by March 28, 2014 via email to getinspired@designcentercarolinas.com. Rules and submission requirements are available online at facebook.com/DesignCenterCarolinas and at www.designcentercarolinas.com. All artwork will be judged online by open voting from the Charlotte community. Participants are encouraged to ask friends and family to vote for their work as the artwork with the most votes wins.

The winner’s artwork will appear on the Design Center of the Carolinas water tower for a twelve-month period. The water tower is a South End landmark and symbol of the surrounding creative community. The winner and the winning school will be spotlighted in a special ceremony May 9 at the Design Center of the Carolinas in Historic South End. Art and creative supplies will be delivered to the winning school in September. Sponsors include Family Dollar, Staples and Binders.

Shari Meltzer, director of marketing, Ram Realty Services, spoke of the inspiration for this year’s contest, “This is a special year for the Highest Design Contest – our fifth year of making an impact on the community and a local school so we loved the message of the High Five. We love to be part of the energy and excitement in Historic South End and here at the Design Center. We think a High Five to South End is a great tribute and that the water tower is a fantastic place to capture it.”

  • Jan

Investors buy Wolf River Commons for $2.3M

January 6, 2014

By Ryan Poe, via Memphis Business Journal

A group of local investors has purchased the 20,842-square-foot retail strip center Wolf River Commons in Cordova for $2.3 million.

Wolf River Commons 8 LLC paid an affiliate of Florida-based Ram Realty Services, Wolf River Commons 132 LLC, $110.35 per square foot for 420 S. Germantown Parkway, public deed transaction records show.

The strip, whose most visable tenant is Parkway Wine & Liquor, was valued for tax purposes at $1.94 million in 2013 by the Shelby County Assessor of Property.

Ram acquired the property through a quit-claim deed in 2010. Before that, the property was purchased for $4.65 million in 2006.

Brian Califf of NAI Saig Co., the broker who represented the buyer, said the property is 85 percent leased, and has bays between 1,300 and 4,000 square feet available at below-market rates.

Stanton Falk with Marcus & Millichap represented the seller.