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.