March 2016

  • Mar
    30

Developers break ground on 16-story apartment building downtown

March 30, 2016

via SFBJ by Brian Bandell

The 16-story Alexander apartment building broke ground in downtown West Palm Beach after securing a construction loan from Wells Fargo Bank.

SoDix Fern LLC, a joint venture between West Palm Beach-based Kolter Group and Palm Beach Gardens-based Ram Realty Services, got a $42.4 million advance on its mortgage to make it total $50.7 million. It’s building the 205-unit project at 333 Fern Street.

The Alexander is slated for completion in the third quarter of 2017. It will include a 377-space parking garage, a 24-hour fitness center, a pool deck with spa, an outdoor kitchen, a meeting room, and a public park. Units will range from one bedroom in 832 square feet to two bedrooms in 1,419 square feet.

Kast Construction Co. is the general contractor for the Alexander, which was previously called the Isis before changing its name for political reasons.

The developers acquired the 1.45-acre site for $5.1 million in 2012. It’s next to the Alexander Lofts, a historic building that Ram Realty Services renovated into 84 units.

There’s been an influx of development proposals in downtown West Palm Beach recently, including mixed-use projects by Jeff Greene and the Related Cos.

  • Mar
    15

Ram Realty Acquires Apartment Development Site in Boynton Beach

March 15, 2016

via The South Florida Business Journal by Brian Bandell

Ram Realty Services acquired an apartment development site in Boynton Beach for $15.75 million.

BR Cortina Acquisition, an affiliate Blackrock, sold the 14.4-acre site to RRPIV Cortina, a subsidiary of Palm Beach Garden-based Ram Realty. It’s located on the east side of Renaissance Commons Boulevard, just east of North Congress Avenue between Gateway Boulevard and Old Boynton Road.

ARA Newmark’s Troy Ballard, Avery Klann and Dick Donnellan represented the seller in the deal.

“The site was part of a larger assemblage that our client purchased in phases and reprogrammed to mirror today’s market needs,” Ballard said. “It is very rare for a garden multihousing development to offer this much walkability. There are numerous restaurants and retail facilities just steps away, and countless others within a five minute drive.”

The city recently approved the Cortina property for 350 apartments and executed a land swap to create public park space, which was funded by the developer. The developer plans to break ground in May 2016 and complete the project in spring 2017.

Ram Realty would build seven apartment buildings of four stories each, plus a clubhouse, fitness center, business center, outdoor kitchen, playground and a pool.

“This is a rare opportunity to acquire a true “shovel ready” parcel in a suburban infill location,” said Ram Realty Managing Director of Multifamily Development Hugo Pacanins. “The area is ideal for high quality rental housing; the site is less than a mile from the Quantum Corporate Park and walking distance to dozens of major retailers and restaurants.”

Ram Realty owns and operates 3,440 apartments in Florida and North Carolina.

  • Mar
    10

Ram Closes on Land Deal in Boynton, Plans New Project

March 10, 2016

via The Real Deal by Sean Stewart-Muniz

Ram Realty Services just closed on a $15.75 million land deal in Boynton Beach, where the firm is planning a new Class A apartment community.

The deal covers roughly 14.4 acres of development turf to the east of Renaissance Commons Boulevard, between Old Boynton Road and East Gateway Boulevard.

Ram now plans to build seven four-story buildings on the site with a combined 350 luxury apartments, according to a news release.

Construction on the gated community is expected to begin in May with a completion date slated for spring 2017. Its amenities will include a clubhouse, fitness center, business center, outdoor kitchen, children’s playground and a community pool.

“This is a rare opportunity to acquire a true ‘shovel ready’ parcel in a suburban infill location,” Ram’s Managing Director of Multifamily Development Hugo Pacanins said in a statement. “This project is part of our continued effort to create high quality apartment communities in locations that are walkable or near public transit.”

The seller was BR Cortina Acquisition, a Florida company managed by investment manager Blackrock.

According to the release, BR Cortina bought a large assemblage of land over time — including this site — and repositioned them for new development to “mirror today’s market needs.”

Troy Ballard, Avery Klann and Dick Donnellan of ARA Newmark brokered the deal on behalf of Blackrock and Waypoint.

Ram’s apartment project will be part of the larger Cortina at Boynton Village mixed-use development, which city officials approved last year with 1,108 residences, according to the Palm Beach Post. That breaks down to 350 apartments, 115 single-family homes and 643 condos, plus a public park that’s being funded by the developers.