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.