- Ram completes two-phase, value-add strategy for existing apartment community
- Property is 97 percent occupied
Charlotte, N.C., August 11, 2015 – Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, is excited to announce the completion and lease-up of Phase II of Rock Creek at Ballantyne Commons, an upscale apartment community located in the Ballantyne neighborhood of Charlotte, N.C. Phase II contains 118 new apartment units in four buildings and is 100 percent occupied.
Ram purchased the property, previously named Piper Station Apartments, in December 2012. Upon acquisition, the property included 212 apartments and a stalled townhome development on an adjacent seven-acre property. Ram executed an aggressive two-phase value-add strategy.
Phase I redevelopment began in January 2014 and encompassed renovations to the existing 212 units, clubhouse, pool deck and surrounding landscape, as well as the ground-up construction of a new fitness building. Phase I concluded in July 2014, with the exception of continuous upgrades of apartment interiors.
Phase II construction began in December 2013 on the adjacent lot, including development of three buildings totaling 113 new apartment homes, and the renovation of five existing town homes.
Ram began pre-leasing Phase II in November 2014 to strong market demand. Combined occupancy of both phases is currently 97 percent.