September 2015

  • Sep
    30

Ram Sells Newly Built Boca Apartments

September 30, 2015

via The Real Deal, by Sean Stewart-Muniz

Ram Realty Services, a development company based in Palm Beach Gardens, just closed on the $81.74 million sale of its newly built apartment community in downtown Boca Raton.

The community is called the Mark at Cityscape, at 11 Plaza Real South. It’s a 12-story apartment complex with 208 units, 18,000 square feet of ground-floor retail space and an attached parking garage with 686 spaces.

Ram, which finished construction on the complex this month, sold the community to the Monogram Residential Trust, according to Palm Beach County records.

Monogram is a real estate investment trust based in Texas. It specializes in buying and operating multifamily companies and has a portfolio of 54 properties spread throughout 11 states, according to the REIT’s website.

The deal breaks down to $393,788 per unit and $426 per square foot. Both prices set state records for a multifamily rental sale, according to data from commercial brokerage CBRE, which represented Monogram for the sale.

Asking rents at the building are also some of the highest in Palm Beach County, averaging $2,320 per unit. At the time of the sale, Ram said the apartments were nearly 80 percent leased.

The Mark is part of a 4.5-acre development site in the heart of downtown Boca, which Ram has owned for the last nine years. It’s split into three parts: a roughly one-acre parcel where the Kolter Group is building a Hyatt-branded hotel, another one-acre parcel where the Palmetto Park office building sits, and the 2.3-acre site where Ram built the Mark apartments.

Ram first purchased the property for $42 million in 2006 on behalf of a private equity fund, Ram Realty Partners II. The company’s plans to redevelop the property were halted when the recession hit, but Ram re-launched its apartment project in 2013.

This year, the company re-platted the 4.5 acres into three sections and beginning selling them off. In March, Kolter paid $5.5 million for its one-acre parcel where the Hyatt Place Hotel will be built. And in September, Ram sold the office building for $25.7 million to Kireland Management LLC.

“This investment reflects the benefits of being patient and focusing only on high quality real estate. As a direct result of that focus and a conservative capitalization structure, we were able to hold the asset through a difficult economic environment and ultimately deliver a project that benefited our investors and the community,” Ram CEO Casey Cummings said in a statement. “While we have a high level of confidence in the long-term prospects for Boca Raton, we were fortunate to have received a compelling inquiry from a high quality institution like Monogram. We continue to look for other similar opportunities throughout South Florida.”

  • Sep
    25

Florida Firm Completes Second Phase at South Charlotte Apartment Complex

September 25, 2015

via Charlotte Business Journal, by Will Boye

Ram Realty Services has completed and leased the second phase of its Rock Creek at Ballantyne Commons apartment complex in south Charlotte.

The Florida-based development and real estate investment company bought the former Piper Station complex, near the intersection of Ballantyne Commons Parkway and Rea Road, in late 2012 for $23.5 million. In 2013, it bought an adjacent 6.6-acre parcel for $4.1 million.

The adjacent parcel became the site for a four-building, 118-unit second phase of apartments. The development firm started construction on the second phase in December 2013 and started preleasing the units last November. The second phase is now fully leased.

Ram also renovated the existing 212 units, clubhouse and pool deck, and it built a new freestanding fitness center. Occupancy for the entire complex is 97%.

  • Sep
    24

Developer Sells Office Portion of Boca Mixed-Use Site

September 24, 2015

Via The Real Deal, by Sean Stewart-Muniz

An office building that’s surrounded by new development in downtown Boca Raton was just sold for $25.7 million.

The building is a mid-rise structure with 73,918 square feet of interior space, according to Palm Beach County property records. It was built in 1997 and was most recently owned by developer Ram Realty Services, which paid $45 million to acquire both the building and the 4.5-acre parcel it occupied in 2006. At the time, most of the land at 120 East Palmetto Park Road was occupied by surface parking lots.

The parcel has since become a major redevelopment site for downtown Boca Raton. Ram has sold or developed much of the original surface parking, with only 1.1 acres remaining for the original office building.

Last week, Ram re-platted the offices to separate them from the other development sites. An LLC titled Kireland Palmetto Park filed a deed Tuesday to acquire the offices, also known as the Merrill Lynch building. The recorded price was $25.7 million. Corporate records show the company is managed by Alex Kurkin, a lawyer in Aventura.

Surrounding the building is a newly constructed apartment tower to the south, and a Hyatt-branded hotel that’s currently being developed to the west.

Ram wrapped up construction on a 12-story, mixed-use building dubbed the Mark at Cityscape earlier this year. It has 208 apartments and 18,052 square feet of retail space on the ground floor. The project occupies 2.3 acres of the original parcel’s southern end. The developer also built an eight-story parking garage with 679 spaces to replace the surface parking it redeveloped. It services the apartments, retail and office portions of the project.

In March, Ram sold roughly one acre of the land to the Kolter Group, where the developer is currently building the 200-room Hyatt Place Hotel Boca Raton. The recorded price for that chunk was $5.5 million.