Recent News

  • Jul
    13

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
    9

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.

  • Jun
    8

Ram Sells University Center

June 8, 2015

Ram Sells University Center

  • Ram sells commercial shopping center to Jacksonville Retail Center DST
  • University Center is a 102,798 SF property located in Jacksonville, Fla.
University Center - Jacksonville, Florida University Center - Jacksonville, Florida

Palm Beach Gardens, Fla., June 5, 2015 — Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, is pleased to announce the sale of University Center to Jacksonville Retail Center DST, a Delaware statutory trust. CBRE Inc. brokered the sale.

The 102,798 square-foot shopping center is currently 100% occupied and is home to LA Fitness, TJ Maxx, Bealls Outlet, Dollar Tree, McDonalds and CVS. The most recent additions – TJ Maxx and Bealls Outlet – backfilled a former Stein Mart space in 2014 and have both reported strong customer acceptance and positive sales since opening earlier this year.

The asset is located in Duval County at the southeast corner of West University Boulevard and St. Augustine Road, and serves a diverse customer base. Duval County is home to more than 879,000 people, is the largest and most influential county in the region, and boasts an active retail market.

Ram acquired University Center as a part of its Community Reinvestment Partners Fund (CRP), from Melbourne Shopping Centers, Inc. Ram took title of the property on August 6, 2007, completed significant renovations throughout, including the façade, and brought the asset to its current stabilization.

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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  • Jun
    8

Downtown lofts could spark new art scene

June 8, 2015

By Brian Entin via WPTV


WEST PALM BEACH, Fla. – There is plenty of new construction in Downtown West Palm Beach, but is ‘old’ becoming the new ‘cool’ downtown?

One of the oldest buildings in the downtown area is revamped into loft style living.

Alexander Lofts was once the Southern Bell building built in 1926.

It will soon open as downtown’s first historic, loft style development.

“The building had such great character and it was an opportunity for us to use design and art to create value in an existing building,” Jennifer Stull-Wise with RAM Real Estate said.

The loft style apartments have open layouts with huge windows in the historic space.

A spray painted mural is getting a lot of attention on the side of the historic building.

“I think it is absolutely beautiful. The first time I got to West Palm, that is what I noticed walking down the street,” downtown resident Ariel Harbour-Laxton said.

Downtown realtors say development is on the rise and West Palm Beach is on the verge of a boom.

“There is just a demand for the city in general. People want to be here. You look at availability in the buildings and new product is always in demand,” realtor Brent Enck said.

A number of other artsy locations are popping up along Fern street, including a coffee shop and art gallery.

“People love vintage and they love modernizing vintage. That will draw in a nice younger crowd,” Harbour-Laxton said.

The developer of the lofts is also building a park next to the building that will feature a sculpture garden.

To view this feature on WPTV.com, click here.

  • 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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  • Apr
    27

Ram Sponsors ‘Walk Like MADD 5K’

April 27, 2015

Ram Employees and their family participated in the Fort Lauderdale "Walk Like MADD 5K on Sunday."

Ram Employees and their family participated in the Fort Lauderdale “Walk Like MADD 5K” on Sunday.

FORT LAUDERDALE, Fla. – April 27, 2015 – Ram Realty Services sponsored the “Walk Like MADD” 5K in Fort Lauderdale on Sunday, April 26. The walk took place along the Las Olas Riverwalk and is just one of hundreds of walks across the country put on by Mothers Against Drunk Driving (MADD) in an effort to end drunk driving crimes. Employees of Ram showed their support by walking in the 5K and donating to MADD, ultimately raising $1,388 for the organization. In total, the event raised over $175,000.

Money donated to MADD is used for victim services, as well as drunk driving awareness, education and prevention.

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 Mothers Against Drunk Driving (MADD)

Founded by a mother whose daughter was killed by a drunk driver, Mothers Against Drunk Driving® (MADD) is the nation’s largest nonprofit working to protect families from drunk driving and underage drinking. MADD also supports drunk and drugged driving victims and survivors at no charge, serving one person every 8.6 minutes through local MADD victim advocates and at 1-877-MADD-HELP. For more information, visit www.madd.org.

 

  • Apr
    21

Apartment project proposed in Doral industrial park

April 21, 2015

By Brian Bandell, Senior Reporter via South Florida Business Journal

The trend of converting South Florida office park land to residential could continue as Doral considers an apartment proposal by Ram Realty.

Ram Dev, an affiliate of Peter D. Cummings’ Ram Realty in Palm Beach Gardens, wants to build Intercontinental Village, a 332-unit apartment complex in the Transal Business Park. The company has the 16.4-acre site under contract with current owner Avente Ltd.

Transal Business Park is zoned industrial, although it has a hotel and a restaurant that are considered compatible uses for the business park.

The property that could go residential is located on the south side of Northwest 27th Street at Northwest 84th Avenue. That’s next to the Intercontinental at Doral hotel.

A handful of other industrial and office properties in Doral have residential development plans pending.

  • Apr
    16

Ram Sells The Cypress Shopping Center

April 16, 2015

Ram Sells The Cypress Shopping Center

  • Ram sells The Cypress Shopping Center to DFG-Tampa Cypress, LLC
  • The Cypress Shopping Center is a 111,228 SF property located in Tampa, Fla.
Screen Shot 2014-07-15 at 11.04.33 AM Screen Shot 2014-07-15 at 11.05.22 AM

Tampa, Fla., April 14, 2015—Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, has announced the sale of The Cypress Shopping Center to DFG-Tampa Cypress, LLC. Dennis Carson of CBRE Inc., brokered the sale.

The Cypress Shopping Center is located at the heart of the rapidly growing, affluent Wesley Chapel area of Tampa, Fla., known as New Tampa, and includes 111,228 SF of retail space. It is currently 93% occupied and anchored by LA Fitness and Sweetbay. Ram will retain two pad sites and three outparcels as part of the deal.

The Cypress was originally constructed in 2009. In late 2011, Ram acquired interest in the asset for its third fund (RRPIII) through the purchase of two promissory notes secured by a first mortgage and directed by Regions Bank. Ram subsequently took title of the property in May 2013 and brought it to its current stabilization.

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.