multifamily real estate

  • Dec
    3

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.

  • May
    13

Ram Sells Laguna Oaks in Orlando, Fla.

May 13, 2015

  • Ram sells Laguna Oaks to 3211 Semoran, LLC
  • Laguna Oaks is a 360-unit garden-style apartment community in Orlando, Fla.

Orlando, Fla., May 13, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, has announced the sale of Laguna Oaks to 3211 Semoran, LLC.

Laguna Oaks is a 360-unit, garden-style apartment community located in southeast Orlando on South Semoran Avenue. The property enjoys easy access to downtown Orlando and the Orlando International Airport as well as waterfront views of Lake Fredrica. Laguna Oaks offers a host of unique amenities including a boat ramp, fishing pier, waterfront gazebos and picnic area, sand volleyball court, heated spa, swimming pool, and a state-of-the-art fitness center.

Ram acquired Laguna Oaks – formerly The Resort at Lake Fredrica – in December of 2012 from Waterton Residential, and immediately commenced rebranding and renovation of the aging apartments. Community enhancements comprised repainting, landscaping, new outdoor furniture, complete renovation of the clubhouse and lakeside deck, addition of a summer kitchen and business center, and the relocation of an expanded fitness center. Ram also updated 111 units with new appliances, countertops, cabinets, carpeting and modern lighting fixtures.

“Laguna Oaks allowed Ram to fully utilize our acquisitions, re-development and management resources to create a new sense of place in a well known apartment community in Orlando,” said Jennifer Stull, Ram Managing Director of Asset Management. “The neighborhood improvements along Semoran Ave., and the rebranding of the community were well timed to provide both residents and investors the greatest return on the dollars invested.”

CBRE brokered the sale.

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 www.ramrealestate.com.

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  • Jan
    7

Ram Sells Citra at Windermere

January 7, 2015

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.

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 www.ramrealestate.com.