Recent News

  • Sep

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

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

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.

  • Aug

Ram works with Loggerhead Marinelife Center to clean Juno Beach

August 17, 2015


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

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

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

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

August 11, 2015

  • 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.



  • Aug

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.”

  • Jul

Ram Expands Retail Leadership with Key Hire

July 29, 2015

  • Ram appoints Brian Maloney as Managing Director of Retail
  • Maloney brings 14 years of asset management, transactional and retail leasing experience to the team

Palm Beach Gardens, Fla., July 29, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, has named Brian Maloney as Managing Director of Retail. Mr. Maloney will lead the retail group’s leasing and investment activities. He will report to Jim Stine, President, and is based in Ram’s Fort Lauderdale office.

In his 14 years in the real estate industry, Mr. Maloney has amassed a broad spectrum of valuable experience. After earning his J.D. from the University of Georgia, Mr. Maloney practiced law with a focus on real estate transactions. In 2005 he joined McGuire Realty as a Development Manager where he directed the underwriting and entitlement of commercial assets. Most recently Mr. Maloney served as Vice President of Retail Leasing with Edens where he was responsible for retail leasing as well as the redevelopment, acquisition and disposition of commercial assets.

“We’re committed to growing our retail portfolio throughout the Southeast US and I believe that Brian has the perfect combination of experience, knowledge, and relationships to lead that effort,” said Ram President Jim Stine. “Brian has a strong track record across all aspects of leasing and acquisition, as well as a strong working knowledge in the markets where we are active. We’re pleased to have him as a member of our team.”


Chris Kieffer

Ram Realty Services



  • Jul

Ram Sells Florida & Waters Shopping Center

July 23, 2015

  • Ram sells Florida & Waters Shopping Center to Saglo Development Corporation
  • Florida & Waters Shopping Center is a 159,097 SF asset located in Tampa, Fla.

Tampa, Fla., July 22, 2015—Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, has announced the sale of Florida & Waters Shopping Center to Saglo Development Corporation.

The 159,097 SF center is located on the southwest corner of North Florida Avenue and Waters Avenue in Tampa, FL. Notable tenants include Save-A-Lot, Citi Trends, Magic Mall Flea Market, CAC Medical Center, Wendy’s and Dunkin’ Donuts. Florida & Waters was 87.9% occupied at the time of sale.

Ram acquired Florida & Waters in November 2004 from The Greco Family, LP as part of its Community Reinvestment Partners Fund. Ram completed significant capital improvements in 2009, including an updated façade, roofing, parking lot improvements, and additional signage.

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


  • Jul

West Palm Apartments formerly known as Isis get new name, again

July 13, 2015

West Palm apartments formerly known as Isis get new name, again

By Alexandra Clough – Palm Beach Post Staff Writer

Perhaps the third time will be the charm.

Kolter once again has renamed a residential building planned for downtown West Palm Beach.

First, the property at 333 Fern Street was known as Isis Downtown, a name derived from the Egyptian goddess.

But Isis was was disposed of after the murderous terrorist group known as the Islamic State in Iraq and Syria started rampaging its way across the Middle East last summer.”We quit spending money the minute the ISIS thing happened. We knew we had a very unique problem,” said Bob Vail, president of Kolter Urban in West Palm Beach.

Then the project became 3 Thirty Three Downtown, the site’s address. The name was safe, if boring, and didn’t convey much information about the project, other than its location.

Now, the apartment property will be known as The Alexander, a nod to its neighboring property, Alexander Lofts. The Lofts is an 85 unit-project that’s already 50 percent leased, even though the property was just finished.

Meanwhile, The Alexander is planned to be 210 apartments in a modern-style building. It will also provide garage parking for Alexander Lofts, a former office building converted into loft-style apartments by Ram of Palm Beach Gardens.

The Alexander is a joint venture with Ram, and since the buildings share amenities, it made sense to take the name and “brand the whole project,” said Hugo Pacanins, managing director/multifamily for Ram Realty Services.

The 16-story building will break ground in August, with completion set for the summer of 2017.

Units range from 825 square feet to 1,700 square feet.

When completed, the property will be the largest new high-rise apartment coming out of the ground in West Palm Beach, Pacanins said.

Alexandra Clough writes about the economy, real estate and the law.

  • Jun

FL Times Union: University Center, a proven survivor among shopping centers, sells for $15 million

June 9, 2015

By Roger Bull via The Florida Times-Union

The University Center shopping center, which survived the departure of both Publix and Stein Mart, has been sold for $15,750,000.

Ram Realty Services of Palm Beach Gardens bought the center at 3600 University Blvd. W. for $5.6 million in 2007. But since then, it lost both its anchors.

Publix moved to a new, much larger building across the street at University Boulevard and St. Augustine Road. Then Stein Mart moved a mile west to the Lakewood Shopping center.

But L.A. Fitness moved into the Publix space in 2013 after a complete $2 million rebuild. TJ Maxx and Bealls Outlet opened this year, each taking about half the space that Stein Mart had occupied.

With Dollar Tree, CVS and a McDonald’s, the 102,798-squafe-foot center is now 100 percent occupied.

Jacksonville Retail Center DST, a Delaware statutory trust affiliated with The Inland Real Estate Group of Companies of Oakbrook, Ill., bought the center.