ram real estate

  • Oct
    22

ARA Newmark Announces the Sale of a 260-Unit, Core Plus Community in Jensen Beach, FL

October 22, 2015

Jensen Beach, FL (October 2015) — ARA, A Newmark Company (ARA Newmark) announced the sale of Pineapple Cove, a 260-unit, luxury, garden-style apartment community located in Jensen Beach, Florida in Martin County. The property sold for an undisclosed price and was approximately 97 percent occupied at the time of sale.

The seller, Ram Realty Services (Ram) was represented by the ARA Newmark team of Executive Managing Directors Avery Klann and Hampton Beebe, Transaction Manager Jonathan Senn and Vice Chairmen Dick Donnellan and Marc deBaptiste, in the transaction.

Founded in 1978 and headquartered in Palm Beach Gardens, Florida, Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail as well as residential properties in the Southeast. Ram has notable history in Martin County, having developed Martin Downs, Martin Downs Town Center, Martin Square Mall, Pineapple Commons, Coquina Cove and Willoughby Cove. Currently, Ram has an active pipeline of over 2,500 units throughout the Southeast including exciting urban infill projects in West Palm Beach, Hollywood, and Doral, Florida.

PCCP, LLC (PCCP), in a joint venture with Silverpeak Real Estate Partners (Silverpeak) and Atlanta, Georgia-based Carroll Organization (Carroll) were the buyers. Carroll is a privately held owner and operator of multifamily real estate with approximately $2 billion of assets under management, and 18,000 units owned and operated. PCCP is a premier real estate finance and investment management firm focused on commercial real estate investments. Silverpeak is a full-service, diversified real estate investment and advisory business with over $10 billion of gross real estate assets under management. The company also manages real estate on behalf of commingled funds, separate accounts and for its own account.

Built in 2004, Pineapple Cove features lush, tropical landscaping and Spanish-style architecture surrounded by more than 55 acres of pristine wetlands. Community amenities include a tiki bar, a sparkling saltwater pool, a spa, a business center and a fitness center. Apartments are thoughtfully appointed with washers and dryers, spacious balconies, walk-in closets, wood plank flooring and vaulted ceilings.

“The acquisition of Pineapple Cove represents a unique opportunity for Carroll to own one of the top performing assets along Florida’s Treasure Coast, also known as Florida’s Research Coast, which consists of Martin, Indian River, Okeechobee and St. Lucie Counties,” said Klann. “We have seen a strong trend of South Floridian’s moving north along the coast, resulting in stellar growth in the area. The population within the Research Coast has increased nearly 37% in the last five years, attracting investment with the construction of new retail, entertainment and housing opportunities. Furthermore, incomes in the area are 14% higher than the state average – an excellent economic indicator for the area’s future potential.”

“We are very pleased with the outcome and what it means for our institutional partners; Pineapple Cove was one of Ram’s longest held and best performing assets,” commented Jennifer Stull, Ram Managing Director of Asset Management. “This is a bittersweet moment for us. Ram’s roots are in Martin County, but today we are focused primarily on urban infill projects like The Mark (Boca Raton, FL) and The Alexander (West Palm Beach, FL). To have achieved so much success in Martin County is a great affirmation of our vision, strategy and execution.”

About ARA, A Newmark Company 

ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA Newmark comprises the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.

About Newmark Grubb Knight Frank 

Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.

With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage

services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.

NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.

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 in excess of $2.0 billion of capital. Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale, Florida and Charlotte, North Carolina. For more information, visit www.ramrealestate.com.

About Carroll Organization 

Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $700 million of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased and developed over $2 billion of real estate. Carroll Organization’s regional offices are located in Houston and Miami. Today, the company manages approximately 18,000 multifamily units in six states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen $50 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more info, visit www.carrollorganization.com.

  • Aug
    17

Ram works with Loggerhead Marinelife Center to clean Juno Beach

August 17, 2015

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Ram employees and their families participated in the Ram-sponsored beach clean-up, put on by Loggerhead Marinelife Center.

Juno Beach, Fla. – August 17, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, sponsored Loggerhead Marinelife Center’s August beach clean-up in Juno Beach, Fla., last weekend. LMC is a non-profit that promotes conservation of Florida’s coastal ecosystems with a special focus on threatened and endangered sea turtles.

Ram sent a team of 16 employees and their family members to help clean trash off of the stretch of beach located just outside of the LMC facility on U.S. Hwy 1, where a variety of endangered sea turtles make their nests.

Ram and other community volunteers ultimately cleaned up 70 pounds of litter off of the beach in just one hour.

Loggerhead Marinelife Center holds a beach clean-up every month, with the next clean-up being the International Coast Clean-Up, a national beach-cleaning initiative, held on Saturday, September 19, from 8 a.m. to 9 a.m. For more information on events at LMC, ocean conservation and sea turtle protection, visit www.marinelife.org.

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.

About Loggerhead MarineLife Center

Loggerhead Marinelife Center is dedicated to ocean conservation efforts specifically through education and research efforts of LMC staff and volunteers, and is a leading authority in sea turtle education, research, and rehabilitation.

  • Jul
    13

West Palm Apartments formerly known as Isis get new name, again

July 13, 2015

West Palm apartments formerly known as Isis get new name, again

By Alexandra Clough – Palm Beach Post Staff Writer

Perhaps the third time will be the charm.

Kolter once again has renamed a residential building planned for downtown West Palm Beach.

First, the property at 333 Fern Street was known as Isis Downtown, a name derived from the Egyptian goddess.

But Isis was was disposed of after the murderous terrorist group known as the Islamic State in Iraq and Syria started rampaging its way across the Middle East last summer.”We quit spending money the minute the ISIS thing happened. We knew we had a very unique problem,” said Bob Vail, president of Kolter Urban in West Palm Beach.

Then the project became 3 Thirty Three Downtown, the site’s address. The name was safe, if boring, and didn’t convey much information about the project, other than its location.

Now, the apartment property will be known as The Alexander, a nod to its neighboring property, Alexander Lofts. The Lofts is an 85 unit-project that’s already 50 percent leased, even though the property was just finished.

Meanwhile, The Alexander is planned to be 210 apartments in a modern-style building. It will also provide garage parking for Alexander Lofts, a former office building converted into loft-style apartments by Ram of Palm Beach Gardens.

The Alexander is a joint venture with Ram, and since the buildings share amenities, it made sense to take the name and “brand the whole project,” said Hugo Pacanins, managing director/multifamily for Ram Realty Services.

The 16-story building will break ground in August, with completion set for the summer of 2017.

Units range from 825 square feet to 1,700 square feet.

When completed, the property will be the largest new high-rise apartment coming out of the ground in West Palm Beach, Pacanins said.

Alexandra Clough writes about the economy, real estate and the law.

  • Jun
    8

Ram Sells University Center

June 8, 2015

Ram Sells University Center

  • Ram sells commercial shopping center to Jacksonville Retail Center DST
  • University Center is a 102,798 SF property located in Jacksonville, Fla.
University Center - Jacksonville, Florida University Center - Jacksonville, Florida

Palm Beach Gardens, Fla., June 5, 2015 — Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, is pleased to announce the sale of University Center to Jacksonville Retail Center DST, a Delaware statutory trust. CBRE Inc. brokered the sale.

The 102,798 square-foot shopping center is currently 100% occupied and is home to LA Fitness, TJ Maxx, Bealls Outlet, Dollar Tree, McDonalds and CVS. The most recent additions – TJ Maxx and Bealls Outlet – backfilled a former Stein Mart space in 2014 and have both reported strong customer acceptance and positive sales since opening earlier this year.

The asset is located in Duval County at the southeast corner of West University Boulevard and St. Augustine Road, and serves a diverse customer base. Duval County is home to more than 879,000 people, is the largest and most influential county in the region, and boasts an active retail market.

Ram acquired University Center as a part of its Community Reinvestment Partners Fund (CRP), from Melbourne Shopping Centers, Inc. Ram took title of the property on August 6, 2007, completed significant renovations throughout, including the façade, and brought the asset to its current stabilization.

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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  • Jun
    8

Downtown lofts could spark new art scene

June 8, 2015

By Brian Entin via WPTV


WEST PALM BEACH, Fla. – There is plenty of new construction in Downtown West Palm Beach, but is ‘old’ becoming the new ‘cool’ downtown?

One of the oldest buildings in the downtown area is revamped into loft style living.

Alexander Lofts was once the Southern Bell building built in 1926.

It will soon open as downtown’s first historic, loft style development.

“The building had such great character and it was an opportunity for us to use design and art to create value in an existing building,” Jennifer Stull-Wise with RAM Real Estate said.

The loft style apartments have open layouts with huge windows in the historic space.

A spray painted mural is getting a lot of attention on the side of the historic building.

“I think it is absolutely beautiful. The first time I got to West Palm, that is what I noticed walking down the street,” downtown resident Ariel Harbour-Laxton said.

Downtown realtors say development is on the rise and West Palm Beach is on the verge of a boom.

“There is just a demand for the city in general. People want to be here. You look at availability in the buildings and new product is always in demand,” realtor Brent Enck said.

A number of other artsy locations are popping up along Fern street, including a coffee shop and art gallery.

“People love vintage and they love modernizing vintage. That will draw in a nice younger crowd,” Harbour-Laxton said.

The developer of the lofts is also building a park next to the building that will feature a sculpture garden.

To view this feature on WPTV.com, click here.

  • 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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  • May
    11

RAM FILES HABITAT CONSERVATION PLAN WITH USFWS FOR CORAL REEF COMMONS

May 11, 2015

MIAMI, MAY 8, 2015 – Ram announced today it has filed a Habitat Conservation Plan (HCP) with the US Fish & Wildlife Service (USFWS) for the development of Coral Reef Commons, a 138-acre residential and commercial community in southern Miami-Dade County. The plan calls for 52 acres to be dedicated in perpetuity as preserve. It also includes installing approximately 4 acres of pine rockland plantings within the residential areas, known as “stepping stones.”

Coral Reef Commons was approved by Miami-Dade County in 2013 after eight public hearings. Last July, the Fish & Wildlife Service expressed concern about species that were then being added to the endangered list in the Richmond area, where Coral Reef is located. In response to that concern, Ram decided to delay commencement of the development and instead to undergo consultation with USFWS and to develop a Habitat Conservation Plan.

The plan is a science-based document that includes a survey of species and habitat. The surveys found evidence only of one federally listed wildlife species utilizing habitat within CRC—the Bartram’s scrub-hairstreak butterfly, listed after Ram purchased the property. The survey of habitat describes current conditions and contrasts those with conditions that will prevail on site following the restoration and maintenance of the 52 acres of preserve. The initial cost to restore the preserves to a maintenance level, funded through development of the property, will approach $2 million. An annual maintenance program thereafter and a covenant that runs with the land will insure that the quality of pine rockland and its carrying capacity for species of concern will be enhanced and maintained in perpetuity.

The 86 acres that are being developed consist primarily of disturbed upland and previously developed land. Within the development footprint, only 33 acres of pine rockland can be found, of which 77 percent is considered degraded.

“Although the decision to file this plan will delay the project by more than a year, it has given us the opportunity to respond to expressed concerns and to enhance the plan from an environmental standpoint,” said Ram Chairman Peter D. Cummings. “An additional 12 acres have been added to preserve, including the ‘stepping stones’ located within the residential areas to improve connectivity between the preserve areas. The east and west preserves, previously disconnected, have been joined by the creation of a 50-foot wildlife corridor on the southern border of the property.”

The Coral Reef property was initially developed in the 1940’s as the Richmond Naval Air Base and subsequently was acquired by the University of Miami and utilized as a South Campus and for medical research purposes. Coral Reef Commons is designed to include 900 garden-style residential apartments, a Walmart store and several other retailers and restaurants. The site is located on the south side of Coral Reef Drive (SW 152 Street) at SW 127 Avenue, just to the north of Zoo Miami.