August 2015

  • Aug
    17

Ram works with Loggerhead Marinelife Center to clean Juno Beach

August 17, 2015

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Ram employees and their families participated in the Ram-sponsored beach clean-up, put on by Loggerhead Marinelife Center.

Juno Beach, Fla. – August 17, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, sponsored Loggerhead Marinelife Center’s August beach clean-up in Juno Beach, Fla., last weekend. LMC is a non-profit that promotes conservation of Florida’s coastal ecosystems with a special focus on threatened and endangered sea turtles.

Ram sent a team of 16 employees and their family members to help clean trash off of the stretch of beach located just outside of the LMC facility on U.S. Hwy 1, where a variety of endangered sea turtles make their nests.

Ram and other community volunteers ultimately cleaned up 70 pounds of litter off of the beach in just one hour.

Loggerhead Marinelife Center holds a beach clean-up every month, with the next clean-up being the International Coast Clean-Up, a national beach-cleaning initiative, held on Saturday, September 19, from 8 a.m. to 9 a.m. For more information on events at LMC, ocean conservation and sea turtle protection, visit www.marinelife.org.

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 Loggerhead MarineLife Center

Loggerhead Marinelife Center is dedicated to ocean conservation efforts specifically through education and research efforts of LMC staff and volunteers, and is a leading authority in sea turtle education, research, and rehabilitation.

  • Aug
    11

Two-phase value-add strategy at Rock Creek at Ballantyne completed

August 11, 2015

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  • Ram completes two-phase, value-add strategy for existing apartment community
  • Property is 97 percent occupied

Charlotte, N.C., August 11, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, is excited to announce the completion and lease-up of Phase II of Rock Creek at Ballantyne Commons, an upscale apartment community located in the Ballantyne neighborhood of Charlotte, N.C. Phase II contains 118 new apartment units in four buildings and is 100 percent occupied.

Ram purchased the property, previously named Piper Station Apartments, in December 2012. Upon acquisition, the property included 212 apartments and a stalled townhome development on an adjacent seven-acre property. Ram executed an aggressive two-phase value-add strategy.

Phase I redevelopment began in January 2014 and encompassed renovations to the existing 212 units, clubhouse, pool deck and surrounding landscape, as well as the ground-up construction of a new fitness building. Phase I concluded in July 2014, with the exception of continuous upgrades of apartment interiors.

Phase II construction began in December 2013 on the adjacent lot, including development of three buildings totaling 113 new apartment homes, and the renovation of five existing town homes.

Ram began pre-leasing Phase II in November 2014 to strong market demand. Combined occupancy of both phases is currently 97 percent.

 

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  • Aug
    10

Residential Supply in WPB to Increase by 4,000 Units

August 10, 2015

Via The Real Deal South Florida

West Palm Beach has more than 20 condominium and multifamily projects planned or under construction, and almost all of that is in downtown West Palm.

Thirteen of those are condo projects, with 2,052 units, and at least eight apartment projects with about 2,000 planned or under construction. Most are concentrated in the area between Palm Beach Lakes Boulevard at the north end, Okeechobee Boulevard at the south end, Flagler Drive on the east end, and Australian Avenue on the west end.

Those additional units will generally be welcome in an area where demand exceeds supply, say local real estate pros. “Right now we need more product developed,” Robert Kemp, a Realtor who markets new condos in the CityPlace South Tower, told The Real Deal. “We have only 22 more developer units to sell. Once this is done, there are basically no new condos to offer. Prices will keep going up.”

The most expensive planned condo project is the Bristol, at 1112 South Flagler Drive, across from the Intracoastal Waterway. It has 69 units, with an average price tag of about $10 million. Prices range from $1,350 per square foot to $2,600 per square foot. Al Adelson, a partner at the building’s developer, Flagler Investors Inc., told TRD that more than 20 percent of the building’s square footage has been sold, and he hopes the building will sell out by March.

But Jack McCabe, CEO of McCabe Research & Consulting, is skeptical about the project. “I don’t think that will work — maybe on the other side of the Intracoastal,” he told TRD, referring to West Palm Beach. “That even exceeds the boom-time prices of 2005.” While West Palm needs more living quarters overall, “you can make the case that the upper end of the condo market may see a correction,” because it’s oversaturated, McCabe said.

As for apartments, the 85-unit Alexander Lofts is 55 percent occupied, according to sales staff. It opened in June at 326 Fern Street. Its studio, one-bedroom and two-bedroom apartments start at 550 square feet and range in rent from $1,335 to $2,450.

McCabe expects apartment projects to thrive. Aside from Alexander Lofts, “existing apartments and condos for rent are essentially full — 95 percent occupancy and above,” he said. “We are looking at rental rates increasing 10 percent or more annually. There’s growing demand, but finite inventory. Little has been built since 2008 to 2009.”

Veteran real estate attorney Harvey Oyer of Shutts & Bowen said that what might work best in downtown West Palm is a combination of ultra-high end projects like the Bristol and micro apartments, such as 400-square-foot to 550-square-foot units being considered by developer Jeff Greene at his 550 Banyan Boulevard property.

“We need something that’s different in price, size and location,” Oyer said. “We want to see the market get better, but the downside is you’re pricing people out. That’s why building in fringe areas, or denser projects, or smaller units may take hold.”