Ram sells multifamily development to JRK Property Holdings
- Ram sells Citra at Windermere to JRK Property Holdings
- Citra is a 360-unit Class “A” multifamily asset located in Windermere, FL
Palm Beach Gardens, FL, January 7, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, has announced the sale of Citra at Windermere to JRK Property Holding. Engler Financial Group, LLC brokered the sale.
Citra at Windermere is a core, Class “A” garden apartment community located in Windermere, Orange County, Florida along Winter Garden Vineland Road. The ground-up development comprises 360 units across18 three-story buildings as well as clubhouse, dog agility center, fitness studio, pool, outdoor kitchen and entertaining area, and detached garage buildings. Citra features “best-in-class” amenities, condo-quality finishes, and energy-efficient construction.
Ram secured the 22-acre parcel on which Citra stands from Avatar Properties, Inc. and a private investor in August 2012. Development commenced in September of 2012 with substantial completion in February 2014. Ram engaged a rapid lease-up strategy that saw an average of nearly 30 leases per month.
The buyer, Los Angeles-based JRK Property Holdings, owns and manages 55,000 multifamily units nationwide as well as multiple hotels and over 2 million square feet of office, industrial, and storage properties. In 2013, JRK was recognized as the 20th largest owner of apartment properties according to National Multifamily Housing Council rankings.
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.