• Aug

Can Chapel Hill force developers to build more stores, offices, in Blue Hill district?

August 14, 2018


Despite the town’s efforts, residents and shoppers may not see more offices and stores built any time soon in the Blue Hill District.

The district has generated a smattering of retail in four years, over 1,000 apartments and concerns about whether the redevelopment experiment is working.

Projects in the district — located along East Franklin Street and Fordham Boulevard — are built according to a form-based code that streamlines the town approval process and is supposed to create predictable results.

The goal is to transform a suburban, car-centric commercial district into an urban, walkable community of apartments, shops and offices that provides the town with more property and sales taxes.

While supporters say that is happening, critics see rising rents closing local businesses, and multistory apartment buildings towering over single-story shopping centers. There are no new offices, and some new retail spaces are vacant. There’s a fear that development will worsen traffic and flooding, and add to the cost of providing town services.

David Adams, with the citizens group Chapel Hill Alliance for a Livable Town, noted that most of the town’s tax burden — at least 80 percent — falls on homeowners.

Expectations that the Blue Hill District would help shift the tax burden have not panned out, he said. Instead of 60 percent residential and 40 percent nonresidential construction, as predicted, new construction has been over 95 percent residential, he said.

“If council does not act, new construction will continue to be almost exclusively residential, exacerbating the very problem that the Blue Hill redevelopment was meant to help remedy,” Adams said.

While town staff didn’t expect the 60/40 split for 20 years, some Town Council members have shared similar frustrations with the pace of development, pushing this spring for a way to get more commercial projects.

“I don’t want to discourage development, but I think that if we have to wait a little bit longer to get what we really want, then that‘s OK with me, too,” council member Jessica Anderson said. “If all this gets filled up with residential, we won’t build office because there won’t be any space for it.”

Commercial required

The council first considered restricting six lots in the district to only commercial development. Their owners protested, and the council approved new rules for the entire district in June:

▪ Every development must include at least 10 percent commercial space, whether it’s one or multiple buildings

▪ Over 10 percent commercial space triggers an incentive that gives developers more square footage on the upper stories

While buildings still can abut the sidewalk, the incentive increases from 10 feet to 20 feet how far back upper stories must be from the building’s edge.

The 10 percent commercial requirement likely would have killed the Berkshire Chapel Hill project, said Ben Perry, with developer East West Partners. The district’s first and only mixed-use building, near Whole Foods, has 266 apartments and 15,250 square feet, or 5 percent, commercial space About half of the storefronts are vacant, leasing documents show.

That’s less overall commercial space than mixed-use buildings offer downtown. Online listings show 140 West, which opened with 7 percent commercial in 2014, is 47 percent vacant. Greenbridge, which opened in 2010, has 17 percent commercial and is nearly full.

Carolina Square is the anomaly, with roughly 41 percent commercial space leased across three buildings. Carolina Square, located at 123 W. Franklin St., benefits from its connection to UNC, noted Ben Hitchings, the town’s director of development and planning services.

‘A lot going on’

Dwight Bassett, the town’s economic development director, said what’s happening in the Blue Hill District is typical. Office space must be leased before construction in most cases, and retail needs a large customer base living nearby. By adding more apartments, Bassett said, the district can attract more retail and restaurants, which drives demand for places within walking distance to live and work.

Developers agree, including Perry, who said the district may have enough apartments to meet demand for a couple of years. It’s not just housing for people who already live here, economic and development official said. David Klepser, development director with Ram Realty Advisors, noted the more urban-style apartments, like at the new Fordham Apartments, also attract people who never thought about living in Chapel Hill before.

“I think that the residential in the Blue Hill District will certainly help the district … because it’s just been kind of this retail destination,” Klepser said. “Now when you can live there and walk to restaurants and the stuff we’re doing at Elliott Square and the stuff that Federal’s doing at [Eastgate]. I think there’s a lot going on there.”

Elliott Square, located across from Burger King on South Elliott Road, is being renovated now and adding new tenants, including Burn Boot Camp, Noire Nail Bar and Haw River Grill. Klepser said they don’t expect the 10 percent commercial requirement to cause issues if the shopping center is redeveloped in the future.

Elliott Square and the entire Blue Hill District can benefit from its unique character, noted Ashley Saulpaugh, Ram Realty investment director.

“Chapel Hill’s an anomaly in that small, local boutiques, which probably wouldn’t survive in most other markets, do well here because of the incomes in Chapel Hill and the mindset of Chapel Hill residents that really do a good job of supporting the local businesses,” he said.

The requirement could create a short-term problem, however, where commercial isn’t a natural fit or would be isolated, Klepser said.

Decision questioned

Crowell and Daphne Little, who own the Staples building and the strip mall behind Whole Foods, said they do see potentially negative effects on their property from the 10 percent requirement.

The couple didn’t name the developer but said they’ve signed a mixed-use contract for the narrow five-acre lot that could keep the Staples store, even though its owner plans to downsize.

“What we do know: Brick and mortar is still in flux,” she said. “Is mandating a percentage of commercial the best decision? Telecommuting is revolutionizing workspace. Is it wise to require traditional office space? We want to ensure that our parcel remains productive for this community and for ourselves.”

Ephesus Church Road landowner Wes Pope also has concerns. While his family is in a long-term lease with University Ford, the town’s requirement could create problems when it’s time to redevelop, he told the council.

“A lot of properties like ours are not that walkable. I just don’t see retail being successful on the east side of [Fordham Boulevard],” Pope said. “Redeveloping is expensive, and when you put the restrictions on there for commercial and office, I think it may be cost-prohibitive.”

He also questioned potential offices, noting vacancies at the nearby Europa Center, where about 47,000 square feet is waiting to lease.

That space, like much of Chapel Hill’s office market, serves smaller companies, Bassett said. The town averages a 10 percent vacancy rate and hasn’t built many new or larger offices since 2008, he said, so midsize and larger companies look to surrounding counties.

Colliers International reports the Triangle had roughly 68.4 million square feet of office space in 2017, and another 2.6 million square feet under construction. About 3 million square feet was in Orange County, compared with 8.8 million in Cary, 24 million in Durham and roughly 30 million across the rest of Wake County, the report shows.

Chapel Hill is starting to catch up, Bassett said, noting new offices planned at Glen Lennox and Carraway Village, and redevelopment options in the Blue Hill District, from the former Holiday Inn to Europa Center and Elliott Square. A permit application submitted last week would add a three-story office building at the Hong Kong restaurant/Quality Inn site in Blue Hill.

Long-term vision

But change will take time, in particular, because Chapel Hill pushed commercial away for so many years, Perry said.

“I’m not going to say that office buildings can’t or won’t be built in Blue Hill,” Perry said. “It’s just you’re not going to suddenly see 500,000 square feet of new offices pop up overnight regardless of what the regulations are.”

An initial forecast had the Blue Hill District adding more apartments in the first four years, with retail and office growth in 2024 or later. The anticipated increase in property values, totaling $263 million in 2017, also beat projections, the Chapel Hill-Carrboro Chamber of Commerce reported.

Donna Bell, the last seated council member who voted for the district, said more people are walking in Blue Hill now, and more shops and restaurants have opened to serve them.

“We are at year four of a 20-year build out. It’s like wanting your 4-year-old to be able to drive,” Bell said. “We are really early on to start talking about how out of balance we are.”

In four years

The Blue Hill District has added about 33,361 square feet of retail since 2014 but lost roughly 28,000 square feet of service station, hotel and restaurant space. No office projects have been built.

That’s out of line with the town’s forecast for the first four years, which anticipated roughly 30,000 square feet of retail and 200,000 square feet of hotel space.

The four-year forecast also predicted 1,000 new apartments. That’s been exceeded, with more than 1,800 now approved, planned or built.


Read the original story here.

  • Sep

New apartments on North Davidson St. breaking ground in November

September 6, 2016

via The Charlotte Observer by Ely Portillo

A joint venture of two development firms plans to start construction in November on a new apartment building and mixed-use development planned at 27th and North Davidson streets.

Florida-based Ram Realty and Charlotte-based CitiSculpt are partnering on the project, which will include 250 apartments in a new, five-story building and the renovation of an existing commercial building on the site, currently home to Free Range Brewing.

The companies purchased the 3.6-acre parcel of land for $4.95 million, in a deal that closed this week, according to real estate records. Capstone Apartment Partners brokered the sale.

The developers plan to open the new development in 2018. The apartments will be located two blocks from the 25th Street Blue Line light rail extension station, which is scheduled to begin service next summer.

“Our goal is to build a unique and attractive community that complements the vibrant character of the neighborhood,” said David Klepser, Ram’s lead developer on the deal, in a statement. “We’re exploring distinguishing architectural styles, industrial-modern finishes, and ways to integrate the new development with the existing commercial building.”

The apartment building will include studio, one-, two- and three-bedroom apartments and 2,000 square feet of retail space. Amenities at the project will include a pool, spa deck and a 24-hour gym. “The development’s primary draw is its location,” Ram said in a news release.

Interest in the area has “skyrocketed” since the Blue Line extension was announced, said Ram CEO Casey Cummings. There are now 1,573 new apartments under construction or planned along the Blue Line route between uptown and 36th Street, in neighborhoods including Villa Heights, Optimist Park and NoDa.

Ram and CitiSculpt both have developed other projects in Charlotte. Ram owns the Design Center of the Carolinas in South End and Rock Creek at Ballantyne Commons, and is a partner in Midtown 205, the apartment development at Kings Drive and Third Street. CitiSculpt, through its affiliate Southern Apartment Group, has developed or partnered on apartment projects in Dilworth, Mountain Island Lake, Ballantyne and West Morehead street.

  • Apr

A Rising Multifamily Movement

April 8, 2016

via The Real Deal by Mike Seemuth

While sales of South Florida condominiums have begun to soften, the brisk pace of rental apartment construction appears unlikely to wind down any-
time soon.

The speed of such construction continues to accelerate in South Florida, especially in suburban locations in Broward County, as the pool of renters deepens amid population growth, new employment opportunities and reduced demand for home ownership.

The national real estate brokerage Marcus & Millichap forecasts that 10,200 new apartments will come to market in the tri-county region this year, compared to 8,700 in 2015, marking a 17 percent increase. The firm expects 5,500 new apartments to open this year in Miami-Dade County alone, plus another 4,700 units in Broward County and Palm Beach County combined.

The Miami-based Related Group, one of the largest multifamily developers in the United States in recent years, has built 2,700 rental apartments — mostly in South Florida — since 2010. The firm’s rental development division, Related Development, has another 4,000 units in the pipeline.

“The whole notion of the great American dream meaning owning a home is over,” Related Development’s president and chief executive officer, Steve Patterson, told The Real Deal. “Financial independence and quality of life has become much more important.”

Most of the rental apartments that Related has built in the last six years are located in Fort Lauderdale and other Broward municipalities, including Lauderdale-by-the-Sea, Pembroke Pines and Plantation. Broward County is one of the top three markets in the country for luxury rentals, Patterson noted. “I think there’s still a lot of depth there,” he said.

In South Florida market forecasts, based on data from CoStar Group and Real Capital Analytics, Marcus & Millichap said it expects apartment owners in Broward and Palm Beach to collect higher average rents than their counterparts in Miami-Dade this year — largely due to population growth and employment growth. The brokerage projected monthly rents in 2016 to average $1,476 in Palm Beach and $1,500 in Broward, compared to $1,355 in Miami-Dade, and expects those higher figures to encourage more apartment development in the two counties.

Amaray Las Olas, a 30-story rental building with 254 apartment units, is planned for an April opening in downtown Fort Lauderdale. The property will tower over a cluster of newer apartment buildings in the Flagler Village area just north of the city’s downtown.

“A lot of what you see is eight-story [buildings] or below, so 30 stories will offer city views, Intracoastal Waterway views and ocean views that are unmatched,” said Jeff McDonough, president of Fort Lauderdale-based Stiles Residential Group, which is developing the property in a joint venture with the New York-based Rockefeller Group.

By early March, as construction neared completion, the developers had pre-leased about 30 percent of the apartments, which have monthly rents ranging from $2,000 to $5,800. McDonough said Stiles is scouting other urban locations in South Florida for a high-end rental development similar to Amaray Las Olas.

“There is a very strong demand for multifamily rentals,” he said, noting that one of the driving factors is a movement to live in “urban, walkable” locations.

That preference for rental apartments in lively, pedestrian-friendly neighborhoods is also apparent in downtown West Palm Beach, where billionaire developer Jeff Greene plans to build a 12-story “micro-apartment” building with 400 units — each about 450 square feet. Those apartments are expected to rent for $995 to $1,200 a month.

A similar project opened last year after Palm Beach Gardens-based Ram Realty Services converted an old Southern Bell Telephone building in downtown West Palm Beach into an 85-unit rental building called Alexander Lofts. Apartments there go for $1,300 to $2,300 a month.

“Most of the units are fairly small,” said Hugo Pacanins, managing director of residential development at Ram Realty. “A lot of studios.”

Pacanins said Alexander Lofts appeals to millennials who prefer to rent because they value mobility. “I think that trend is going to continue for a while,” he added. “That younger crowd is more likely to rent for a longer period of time before getting into home ownership.”

The firm completed construction on the property early last year and now has fewer than 10 rental units on the market, according to the developer. Across the street, Ram Realty and West Palm Beach-based Kolter Group are building a pricier 16-story, 205-unit rental building similarly called the Alexander. That property will have one- and two-bedroom units only, with rents that start at $2,400 a month.

“There are a lot of people who are moving from the suburbs and selling their big houses and moving downtown,” Pacanins said. “It’s happening in Delray Beach, it’s happening in Boca Raton, it’s starting to happen in West Palm Beach, it’s even happening in downtown Boynton Beach.”

Demand for rental housing on the low end of the South Florida market is also strong. The Coconut Grove-based affordable-housing developer Housing Trust Group operates in an affordable-housing market where demand far outweighs the current supply.

Matthew Rieger, HTG’s CEO, said several of the company’s rental developments were 100 percent leased the day they opened and that most of them are located in Palm Beach County. Farther south, the need is even greater, he said.

“Over the last few years and going forward, we’ve been concentrating more on Dade and Broward to supplement that footprint we have in Palm Beach County,” Rieger told TRD.

Much like other affordable-housing developers around the country, HTG qualifies for 9 percent federal tax credits that it can sell to investors to raise funds for construction, as long as it charges affordable rents as defined by the U.S. Department of Housing and Urban Development. But the supply of those highly valued tax credits is capped, while demand remains strong among those who invest in affordable housing, Rieger said.

Meanwhile, investor interest in market-rate rentals is heating up even more. A national survey by, formerly known as, ranked Fort Lauderdale as the third-best metro market for buyers of multifamily properties. The company projected that the monthly rent per unit there will increase from $970 in 2015 to $1,169 in 2019, marking a 20 percent growth. Ten-X ranked Miami as the third-best market in the nation for sellers of rental buildings and projected that the monthly rent per apartment there will increase from $1,240 in 2015 to $1,359 in 2019.

A portfolio of 15 apartment buildings in Miami Beach’s South Beach neighborhood sold in February for $59 million — one of the largest South Beach apartment portfolio sales to ever close. The local real estate firm Boardwalk Properties snapped up the 240 rental units from a Miami-based investment management firm led by Herve Barbera, according to CoStar.

“We got a tremendous amount of interest in that deal from local investors, a lot of people from New York, as well as people from overseas,” said Calum Weaver, a senior vice president at CBRE who represented the seller.

But those in search of smaller transactions are finding a limited supply. The number of buyers looking to invest less than $20 million in South Florida’s multifamily market outweighs the opportunities that are available right now, Weaver noted.

That imbalance has roots in the explosion of condo development during the 2000s before the housing market crashed and the financial crisis and recession hit. Many of the South Florida rental properties built from 1999 to 2005 were sold between 2004 and 2006 and converted to condos, said Robert Given, a South Florida-based vice chairman of CBRE.

“That’s about 35,000 units that were sold and converted to condominiums, which really decimated the Class A inventory leading into 2005,” Given said. “From 2006 to 2011, we were going through the recession, and there was no product built.”

In 2016, land values remain substantially higher in Miami-Dade County, in large part because condo development there has continued to boom in recent years.

“It’s very difficult for us to compete on land price with condominium developers,” Patterson of Related said, noting that his team even competes in-house. “At Related, there’s a lot of internal competition for capital,” he said.

Looking ahead, South Florida’s supply of rental housing may fall short of demand for years to come, even if the pace of new rental construction accelerates, according to industry sources. The region’s population of 6 million people has been growing by about 91,000 residents a year for the last four years, which translates to about 14,000 additional rental households a year, according to research from CBRE. That growth exceeds annual deliveries of about 11,000 new apartments there in recent years, the numbers show.

All obstacles accounted for, the most prolific multifamily investors in the Sunshine State’s tri-county region may see even greater returns in the years to come. Israel Schubert, who oversees the New Jersey and Florida offices at the national commercial mortgage brokerage Meridian Capital Group, said South Florida’s rental market has brighter days ahead. He, too, pointed to Fort Lauderdale and its growing number of young workers as a lower-cost alternative to Miami.

“Clearly the first movers back into multifamily after the downturn were rewarded with outsized returns, but the reality is that the deals we’re financing still have healthy upside potential,” Schubert told TRD. “The South Florida market is strong and just because something is selling now, doesn’t mean there is no more opportunity left for the new buyer.”

  • Dec

Ram Expands Durham Footprint Through Acquisition and Development

December 3, 2015

Developer to transform 5 acres into 263-unit luxury apartment community

adjacent to Class A mixed-use building

Durham, N.C., December 3, 2015 – An affiliate of Ram Realty Services has acquired Pavilion East – a 97,000 square foot Class A mixed-use building – an adjacent 700 space parking structure, and 5 acres of adjoining land located at 2608 Erwin Road in Durham, NC. The mixed-use complex is adjacent to Duke University’s main campus and is walkable to a variety of medical and educational facilities, including the Durham VA Medical Center and Duke University Medical Center.

The property was acquired on behalf of one of Ram’s discretionary private equity funds, Ram Realty Partners III. The seller was the original development partnership led by Jim Anthony, the founder and owner of AACRE Properties, and current CEO and Principal for Colliers International Raleigh, which acted as agent for the Seller. The project was developed in phases beginning in 2004 and culminating in the 2008 completion of the Pavilion East component. Pavilion East is a four-story, Class A, mixed-use building comprising restaurants, retail, medical offices and 28 residential condominiums.  The acquisition did not include the residential condominiums.  The commercial component is 100% occupied with strong national and regional tenants including Duke University Health Systems, TGI Fridays, Chipotle, Smashburger, UPS Store and Another Broken Egg Cafe.

As part of the acquisition, Ram is planning to develop a new luxury rental apartment community that will be fully integrated into the existing mixed-use project.  The new project will include 263 luxury apartments in a unique three-building configuration, creating a variety of living environments at varied price levels.  The residences will be luxuriously appointed with open concept kitchens and wood cabinetry, stainless steel appliances, solid surface countertops, wood plank flooring, ample storage, and a full-size washer and dryer. Community amenities will include a 24-hour fitness center, co-work and creative meeting spaces with state-of-the-art technology, two courtyards with cabanas, pool and sundeck areas, and an outdoor kitchen.

“With over 12,000 students and 36,000 employees at our doorstep, demand for high-quality rental housing remains strong,” said Jennifer Stull, Ram Managing Director of Asset Management. “Our planned improvements to the existing complex, coupled with the introduction of new and unique residential options, will further enhance the vibrant walkable lifestyle along the Erwin Road corridor.”

Pavilion East and the future apartment development are part of Ram Realty Partners III, a $150 million private equity fund that has enabled over $450 million of investments. The acquisition is Ram’s second in Durham, having purchased Durham Festival, a 134,000 square foot Kroger-anchored shopping center, in 2009.  Ram has been an active investor and developer in the Triangle since 2001.  Most notably, Ram developed 140 West Franklin, a mixed-use project in downtown Chapel Hill.

“We continue to believe in the Triangle’s long-term growth prospects.  The region has one of the strongest and most diverse economies in the country.  The expansion of our investments in Durham reflects our confidence in the city’s future,” commented Ram CEO Casey Cummings. “It’s rare to secure a quality infill location with potential for further development in such a high-growth market.  We are particularly attracted by the influence that Duke University and the growing health and technology related fields have on the local economy.”

Cline Design is the architect for the residential development. Ram will break ground in the spring of 2016 and final delivery is planned for the summer of 2017.

  • Sep

Ram Sells Newly Built Boca Apartments

September 30, 2015

via The Real Deal, by Sean Stewart-Muniz

Ram Realty Services, a development company based in Palm Beach Gardens, just closed on the $81.74 million sale of its newly built apartment community in downtown Boca Raton.

The community is called the Mark at Cityscape, at 11 Plaza Real South. It’s a 12-story apartment complex with 208 units, 18,000 square feet of ground-floor retail space and an attached parking garage with 686 spaces.

Ram, which finished construction on the complex this month, sold the community to the Monogram Residential Trust, according to Palm Beach County records.

Monogram is a real estate investment trust based in Texas. It specializes in buying and operating multifamily companies and has a portfolio of 54 properties spread throughout 11 states, according to the REIT’s website.

The deal breaks down to $393,788 per unit and $426 per square foot. Both prices set state records for a multifamily rental sale, according to data from commercial brokerage CBRE, which represented Monogram for the sale.

Asking rents at the building are also some of the highest in Palm Beach County, averaging $2,320 per unit. At the time of the sale, Ram said the apartments were nearly 80 percent leased.

The Mark is part of a 4.5-acre development site in the heart of downtown Boca, which Ram has owned for the last nine years. It’s split into three parts: a roughly one-acre parcel where the Kolter Group is building a Hyatt-branded hotel, another one-acre parcel where the Palmetto Park office building sits, and the 2.3-acre site where Ram built the Mark apartments.

Ram first purchased the property for $42 million in 2006 on behalf of a private equity fund, Ram Realty Partners II. The company’s plans to redevelop the property were halted when the recession hit, but Ram re-launched its apartment project in 2013.

This year, the company re-platted the 4.5 acres into three sections and beginning selling them off. In March, Kolter paid $5.5 million for its one-acre parcel where the Hyatt Place Hotel will be built. And in September, Ram sold the office building for $25.7 million to Kireland Management LLC.

“This investment reflects the benefits of being patient and focusing only on high quality real estate. As a direct result of that focus and a conservative capitalization structure, we were able to hold the asset through a difficult economic environment and ultimately deliver a project that benefited our investors and the community,” Ram CEO Casey Cummings said in a statement. “While we have a high level of confidence in the long-term prospects for Boca Raton, we were fortunate to have received a compelling inquiry from a high quality institution like Monogram. We continue to look for other similar opportunities throughout South Florida.”

  • May

Ram and Pinnacle Announce Development of Sheridan Station

May 7, 2015

  • Ram and Pinnacle announce redevelopment of former mobile-home park in Hollywood, Fla.
  • Sheridan Station is a 336-unit luxury rental community with a 6-acre public park
  • Demolition to begin immediately; construction to commence thereafter

HOLLYWOOD, Fla.—May 7, 2015—Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, and Pinnacle Housing Group, a leading multifamily developer who has built over 6,000 units in the past 17 years in Florida, Texas and Mississippi, announce the joint-venture development of Sheridan Station. The luxury apartment community will replace an existing 21-acre mobile home park located just west of I-95 between Sheridan Street and Taft Street in Hollywood, Fla. Demolition of existing structures will begin immediately, followed by start of construction.

Sheridan Station is the first large Class A apartment development in the City of Hollywood in nearly 15 years. This transit-oriented community provides immediate access to the Tri Rail and I-95, and close proximity to Ft. Lauderdale and Miami. When complete, Sheridan Station will comprise one, two and three-bedroom units. It will also include a spacious clubhouse with a large outdoor pool, fitness center, playground and pet areas. The project includes a 6-acre public park that will be built by the developer and dedicated to the City of Hollywood.

“We worked extensively with the neighboring community and the City of Hollywood officials to create a very thoughtful apartment community. Through close coordination with an arborist, hundreds of existing mature trees across the entire site will be preserved—particularly the natural canopy that exists today in the location of the future park,” said Eran Landry, a developer at Ram.

“South Florida residents are embracing mass transit and we are meeting rising demand by building transit-oriented developments and communities,” said Mitch Friedman, partner at Pinnacle Housing Group. “Sheridan Station will offer high-end apartments close to Tri Rail and I-95, making it easy for residents to commute to work.”

The general contractor is Kaufman Lynn.

About Ram

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

About Pinnacle

Pinnacle Housing Group continues to be recognized as an industry leader and multifamily developer in Florida who has constructed and developed over 6,000 units in the past 17 years in Florida, Texas and Mississippi. The firm’s partners, Louis Wolfson III and Mitchell M. Friedman and David O. Deutch are committed to providing high-quality communities that enhance the lives of their residents. Additional information may be found at:



  • Apr

Apartment project proposed in Doral industrial park

April 21, 2015

By Brian Bandell, Senior Reporter via South Florida Business Journal

The trend of converting South Florida office park land to residential could continue as Doral considers an apartment proposal by Ram Realty.

Ram Dev, an affiliate of Peter D. Cummings’ Ram Realty in Palm Beach Gardens, wants to build Intercontinental Village, a 332-unit apartment complex in the Transal Business Park. The company has the 16.4-acre site under contract with current owner Avente Ltd.

Transal Business Park is zoned industrial, although it has a hotel and a restaurant that are considered compatible uses for the business park.

The property that could go residential is located on the south side of Northwest 27th Street at Northwest 84th Avenue. That’s next to the Intercontinental at Doral hotel.

A handful of other industrial and office properties in Doral have residential development plans pending.