May 2015

  • May
    13

Ram Sells Laguna Oaks in Orlando, Fla.

May 13, 2015

  • Ram sells Laguna Oaks to 3211 Semoran, LLC
  • Laguna Oaks is a 360-unit garden-style apartment community in Orlando, Fla.

Orlando, Fla., May 13, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, has announced the sale of Laguna Oaks to 3211 Semoran, LLC.

Laguna Oaks is a 360-unit, garden-style apartment community located in southeast Orlando on South Semoran Avenue. The property enjoys easy access to downtown Orlando and the Orlando International Airport as well as waterfront views of Lake Fredrica. Laguna Oaks offers a host of unique amenities including a boat ramp, fishing pier, waterfront gazebos and picnic area, sand volleyball court, heated spa, swimming pool, and a state-of-the-art fitness center.

Ram acquired Laguna Oaks – formerly The Resort at Lake Fredrica – in December of 2012 from Waterton Residential, and immediately commenced rebranding and renovation of the aging apartments. Community enhancements comprised repainting, landscaping, new outdoor furniture, complete renovation of the clubhouse and lakeside deck, addition of a summer kitchen and business center, and the relocation of an expanded fitness center. Ram also updated 111 units with new appliances, countertops, cabinets, carpeting and modern lighting fixtures.

“Laguna Oaks allowed Ram to fully utilize our acquisitions, re-development and management resources to create a new sense of place in a well known apartment community in Orlando,” said Jennifer Stull, Ram Managing Director of Asset Management. “The neighborhood improvements along Semoran Ave., and the rebranding of the community were well timed to provide both residents and investors the greatest return on the dollars invested.”

CBRE brokered the sale.

About Ram

Founded in 1978, Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties in the Southeast. The group also selectively acquires debt secured by retail and residential properties.  Ram is currently investing Ram Realty Partners III LP, a value-added fund targeting retail and multifamily properties in select high growth markets in the Southeast.  Since 1996, the company has deployed $1.7 billion in real estate transactions.  Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale and Tampa, Florida and Charlotte, North Carolina. For more information, visit www.ramrealestate.com.

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  • May
    11

RAM FILES HABITAT CONSERVATION PLAN WITH USFWS FOR CORAL REEF COMMONS

May 11, 2015

MIAMI, MAY 8, 2015 – Ram announced today it has filed a Habitat Conservation Plan (HCP) with the US Fish & Wildlife Service (USFWS) for the development of Coral Reef Commons, a 138-acre residential and commercial community in southern Miami-Dade County. The plan calls for 52 acres to be dedicated in perpetuity as preserve. It also includes installing approximately 4 acres of pine rockland plantings within the residential areas, known as “stepping stones.”

Coral Reef Commons was approved by Miami-Dade County in 2013 after eight public hearings. Last July, the Fish & Wildlife Service expressed concern about species that were then being added to the endangered list in the Richmond area, where Coral Reef is located. In response to that concern, Ram decided to delay commencement of the development and instead to undergo consultation with USFWS and to develop a Habitat Conservation Plan.

The plan is a science-based document that includes a survey of species and habitat. The surveys found evidence only of one federally listed wildlife species utilizing habitat within CRC—the Bartram’s scrub-hairstreak butterfly, listed after Ram purchased the property. The survey of habitat describes current conditions and contrasts those with conditions that will prevail on site following the restoration and maintenance of the 52 acres of preserve. The initial cost to restore the preserves to a maintenance level, funded through development of the property, will approach $2 million. An annual maintenance program thereafter and a covenant that runs with the land will insure that the quality of pine rockland and its carrying capacity for species of concern will be enhanced and maintained in perpetuity.

The 86 acres that are being developed consist primarily of disturbed upland and previously developed land. Within the development footprint, only 33 acres of pine rockland can be found, of which 77 percent is considered degraded.

“Although the decision to file this plan will delay the project by more than a year, it has given us the opportunity to respond to expressed concerns and to enhance the plan from an environmental standpoint,” said Ram Chairman Peter D. Cummings. “An additional 12 acres have been added to preserve, including the ‘stepping stones’ located within the residential areas to improve connectivity between the preserve areas. The east and west preserves, previously disconnected, have been joined by the creation of a 50-foot wildlife corridor on the southern border of the property.”

The Coral Reef property was initially developed in the 1940’s as the Richmond Naval Air Base and subsequently was acquired by the University of Miami and utilized as a South Campus and for medical research purposes. Coral Reef Commons is designed to include 900 garden-style residential apartments, a Walmart store and several other retailers and restaurants. The site is located on the south side of Coral Reef Drive (SW 152 Street) at SW 127 Avenue, just to the north of Zoo Miami.

  • May
    7

Ram and Pinnacle Announce Development of Sheridan Station

May 7, 2015

  • Ram and Pinnacle announce redevelopment of former mobile-home park in Hollywood, Fla.
  • Sheridan Station is a 336-unit luxury rental community with a 6-acre public park
  • Demolition to begin immediately; construction to commence thereafter

HOLLYWOOD, Fla.—May 7, 2015—Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, and Pinnacle Housing Group, a leading multifamily developer who has built over 6,000 units in the past 17 years in Florida, Texas and Mississippi, announce the joint-venture development of Sheridan Station. The luxury apartment community will replace an existing 21-acre mobile home park located just west of I-95 between Sheridan Street and Taft Street in Hollywood, Fla. Demolition of existing structures will begin immediately, followed by start of construction.

Sheridan Station is the first large Class A apartment development in the City of Hollywood in nearly 15 years. This transit-oriented community provides immediate access to the Tri Rail and I-95, and close proximity to Ft. Lauderdale and Miami. When complete, Sheridan Station will comprise one, two and three-bedroom units. It will also include a spacious clubhouse with a large outdoor pool, fitness center, playground and pet areas. The project includes a 6-acre public park that will be built by the developer and dedicated to the City of Hollywood.

“We worked extensively with the neighboring community and the City of Hollywood officials to create a very thoughtful apartment community. Through close coordination with an arborist, hundreds of existing mature trees across the entire site will be preserved—particularly the natural canopy that exists today in the location of the future park,” said Eran Landry, a developer at Ram.

“South Florida residents are embracing mass transit and we are meeting rising demand by building transit-oriented developments and communities,” said Mitch Friedman, partner at Pinnacle Housing Group. “Sheridan Station will offer high-end apartments close to Tri Rail and I-95, making it easy for residents to commute to work.”

The general contractor is Kaufman Lynn.

About Ram

Founded in 1978, Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties in the Southeast. The group also selectively acquires debt secured by retail and residential properties.  Ram is currently investing Ram Realty Partners III LP, a value-added fund targeting retail and multifamily properties in select high growth markets in the Southeast.  Since 1996, the company has deployed $1.7 billion in real estate transactions.  Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale and Tampa, Florida and Charlotte, North Carolina. For more information, visit www.ramrealestate.com.

About Pinnacle

Pinnacle Housing Group continues to be recognized as an industry leader and multifamily developer in Florida who has constructed and developed over 6,000 units in the past 17 years in Florida, Texas and Mississippi. The firm’s partners, Louis Wolfson III and Mitchell M. Friedman and David O. Deutch are committed to providing high-quality communities that enhance the lives of their residents. Additional information may be found at: www.pinnaclehousing.com.

 

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