(PALM BEACH GARDENS, FL – October 19, 2018) Ram Realty Advisors is pleased to announce the sale of its two downtown West Palm Beach luxury apartment communities, The Alexander and its sister property, Alexander Lofts. The properties, known collectively as Alexander Living, were sold to Arlington, VA-based Avalon Bay (NYSE:AVB). The project was a joint venture between Ram Realty Advisors and its partner, Kolter Urban. The investment sale process was handled by Vice Chairmen Avery Klann, Hampton Beebe and Director Jonathan Senn of Newmark Knight Frank Multifamily.Casey Cummings, Ram’s CEO, stated, “the acquisition and development of these properties was a labor of love for our team. The projects were started several years prior to the current downtown boom and required a high degree of cooperation from the City, and confidence from our institutional investors. We are grateful for both.”
Alexander Lofts and The Alexander are located at Fern Street and Dixie Highway in the heart of downtown West Palm Beach. The Alexander is a recently completed 20-story luxury apartment building with views of Palm Beach and the Intracoastal Waterway. Alexander Lofts is a six-story brick building originally constructed in 1926 as the old Southern Bell Telephone regional headquarters; its conversion into 85 urban-style lofts was completed in 2015. The development of the projects included award-winning public art and the dedication of an urban park. Ram acquired the properties in 2012 on behalf of Ram Realty Partners III, its third discretionary real estate private equity fund.
Units in both buildings offer the high-end features and finishes demanded by this market, including modern, open-concept floorplans with soaring ceilings, tall windows, balconies on select units, plank and tile flooring, contemporary style baths, and gourmet kitchens with stainless appliances. There are 18 different floorplan configurations at Alexander Lofts, and 13 at The Alexander. Both residences are pet-friendly and situated in the heart of the downtown Arts and Entertainment District within walking distance to Brightline, CityPlace, the weekly waterfront Green Market, and numerous other retail, dining, cultural, educational, and entertainment venues.
Casey Cummings added, “Avalon Bay is widely regarded as one of the highest-quality institutional owner and operators of multifamily properties. Their entry into West Palm Beach represents an endorsement of the community. The sale is bittersweet, as we have enjoyed our joint venture relationship with Kolter and love the West Palm Beach market.”
Ram continues to expand its portfolio alongside recent sales; the firm’s portfolio of managed, completed, or projects under development includes over 1.5 million square feet of commercial space and 3,000 multifamily units. Both Ram and Kolter have several active projects in South Florida, as well as other major southeast markets.
Ram Realty Advisors acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $2.8 billion of capital. The Company’s assets are primarily operated by its management affiliate — 5/ten Management. Ram and its predecessor entities were founded in 1978. The Company is headquartered in Palm Beach Gardens, Florida, and has offices in Fort Lauderdale, Charlotte, Chapel Hill, and Nashville.
ABOUT KOLTER URBAN
Kolter Urban is the urban infill and suburban high-density affiliate of The Kolter Group. The Kolter Group is a Florida-based real estate development and investment firm with a Southeast footprint and expected revenues (both completed and in-process) in excess of $12 billion. The firm is a thematic and strategic real estate investor capitalizing on the convergence of two US trends, sunbelt migration and the aging population. The firm creates award-winning, age 55+ master-planned communities, single-family homes, luxury high-rise condominiums, and branded hotels.
ABOUT AVALONBAY COMMUNITIES, INC.
As of June 30, 2018, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 84,043 apartment homes in 12 states and the District of Columbia, of which 19 communities were under development and 16 communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring, and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. More information may be found on the Company’s website at http://www.avalonbay.com.
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