Atlanta, GA – June 24, 2016 – Ram Realty Services is pleased to announce the combined sale of two apartment communities in the greater Atlanta area: Rock Creek at Vinings and its sister property, Rock Creek at Ashford. Atlantic & Pacific Management purchased both communities. Walker & Dunlop marketed the property on behalf of the seller; Pat Jones and Chris Goldsmith led the investment sales team.
Rock Creek at Vinings is situated off Atlanta Road in the Smyrna area, conveniently located near Home Depot’s corporate headquarters as well as SunTrust Field and the Cobb Center Galleria. Residents of the 403-unit garden-style community enjoy two resort-style pools, an outdoor kitchen, tennis courts, a 24-hour fitness center, and luxuriously appointed apartments with high ceilings, wood plank flooring, granite countertops, and fully equipped stainless steel kitchens.
The comparably equipped 222-unit Rock Creek at Ashford is located in the affluent Brookhaven neighborhood off Ashford Dunwoody Road. The community is less than a mile from the Central Perimeter office market (Atlanta’s largest office market), the Perimeter Mall, and multiple major hospitals.
Rock Creek at Vinings and Rock Creek at Ashford were constructed by Post Properties in 1991 and 1987, respectively. In 2008 a partnership between Met Life and Greystar purchased the two properties and implemented light interior upgrades.
Ram acquired the communities in January 2014 on behalf of Ram Realty Partners III, one of the Company’s discretionary private equity funds. Following the acquisition, Ram rebranded the properties as “Rock Creek” and commenced significant interior renovations. Unit upgrades included a unique three-tiered finish package to suit renters of varying tastes and budgets. Ram also addressed key deferred maintenance items and enhanced amenity areas including the pool, clubhouse, fitness area, and green space at both locations. Rock Creek at Ashford was 95-percent occupied at the time of sale and Rock Creek at Vinings was 96-percent occupied.
“Strong property-level performance combined with the right strategy and ideal market conditions made this result possible,” said Jennifer Stull, Managing Director of Asset Management for Ram. “We had an opportunity to modernize two aging communities in great locations and renters really responded to the added value. We are excited about Atlanta and are actively searching for other investment opportunities in the area.”
Ram continues to expand its portfolio despite the recent sales; the Company currently owns or operates over 1.5 million square feet of commercial space and 3,000 multifamily units. Ram is currently investing capital on behalf of Ram Realty Partners IV, with several active projects in Florida (Orlando, West Palm Beach, Boynton Beach, Doral, and Hollywood) and North Carolina (Durham and Charlotte).