Palm Beach Gardens, Fla., January 8, 2010 – Ram Realty Services announces the acquisition of Fairway Village, a multi-family property on Miami Beach, Florida through a bankruptcy auction, following a year-long foreclosure action.
In December of 2008, an affiliate of Ram acquired a non-performing loan portfolio, including one loan collateralized by Fairway Village, a 1940’s vintage multifamily apartment community, located at the intersection of Alton Road and Michigan Avenue.
Ram is undertaking a $4million renovation encompassing amenity upgrades and extensive rehabilitation of the interiors and exteriors of the units. The property has been renamed “Alton Pointe” and will consist of 117 luxury rental apartments upon completion. Ram has also assumed the property management responsibilities.
The property is comprised of nine garden buildings along Alton Road, between 19th Street and Michigan Avenue, which were built between 1939 and the 1940’s. Ram will renovate and reposition the property, creating 117 rental apartments upon completion. According to Mike Hammon, Ram’s Chief Development Ram, page 2
Officer, “This is a highly desirable and strategic location, with the Miami Beach Golf Course immediately to the north and Lincoln Road, a short walk to the south. We are pleased to add it to our portfolio.”
The property was acquired on behalf of an affiliated entity of Ram Realty Partners II, a private equity fund sponsored by Ram and its principals. The fund currently has assets totaling $175 million with additional equity capital on hand to expand its holdings to a total of $500 million.
Founded in 1978, Florida-based Ram pursues the acquisition, development, and redevelopment of commercial, multifamily and mixed-use real estate throughout the Southeast, with a focus on the major markets in Florida, Georgia and the Carolinas. In addition to its development and value-add acquisition activity, Ram acquires non-performing and sub-performing mortgages secured by commercial and multifamily properties. Ram has offices in Fort Lauderdale and Tampa, Florida, Chapel Hill, North Carolina and Atlanta, Georgia, with its corporate office in Palm Beach Gardens, Florida.