Real Estate

  • Sep
    6

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.

  • Aug
    11

Two-phase value-add strategy at Rock Creek at Ballantyne completed

August 11, 2015

DSC00751
  • 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.

 

###

  • Jul
    23

Ram Sells Florida & Waters Shopping Center

July 23, 2015

  • Ram sells Florida & Waters Shopping Center to Saglo Development Corporation
  • Florida & Waters Shopping Center is a 159,097 SF asset located in Tampa, Fla.

Tampa, Fla., July 22, 2015—Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, has announced the sale of Florida & Waters Shopping Center to Saglo Development Corporation.

The 159,097 SF center is located on the southwest corner of North Florida Avenue and Waters Avenue in Tampa, FL. Notable tenants include Save-A-Lot, Citi Trends, Magic Mall Flea Market, CAC Medical Center, Wendy’s and Dunkin’ Donuts. Florida & Waters was 87.9% occupied at the time of sale.

Ram acquired Florida & Waters in November 2004 from The Greco Family, LP as part of its Community Reinvestment Partners Fund. Ram completed significant capital improvements in 2009, including an updated façade, roofing, parking lot improvements, and additional signage.

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.

###

  • 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
    9

FL Times Union: University Center, a proven survivor among shopping centers, sells for $15 million

June 9, 2015

By Roger Bull via The Florida Times-Union

The University Center shopping center, which survived the departure of both Publix and Stein Mart, has been sold for $15,750,000.

Ram Realty Services of Palm Beach Gardens bought the center at 3600 University Blvd. W. for $5.6 million in 2007. But since then, it lost both its anchors.

Publix moved to a new, much larger building across the street at University Boulevard and St. Augustine Road. Then Stein Mart moved a mile west to the Lakewood Shopping center.

But L.A. Fitness moved into the Publix space in 2013 after a complete $2 million rebuild. TJ Maxx and Bealls Outlet opened this year, each taking about half the space that Stein Mart had occupied.

With Dollar Tree, CVS and a McDonald’s, the 102,798-squafe-foot center is now 100 percent occupied.

Jacksonville Retail Center DST, a Delaware statutory trust affiliated with The Inland Real Estate Group of Companies of Oakbrook, Ill., bought the center.

  • 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.

###

  • Apr
    9

New Apartments offer lofty living in West Palm Beach

April 9, 2015

By Alexandra Clough – Palm Beach Post Staff Writer

Click here to read the article on PalmBeachPost.com 

What once was a historic telephone building now is home to an airy loft apartment building, the first of several new apartment projects set to
open in downtown West Palm Beach.

Final touches are being made to Alexander Lofts, an 85-unit converted loft building at 326 Fern Street set for occupancy in May. The historic property, previously known as The Meridian, was built in 1926 for Southern Bell Telephone and Telegraph as a regional office headquarters. Palm Beach Gardens-based Ram purchased the building and an adjacent property for $5.25 million in 2012.

Ram converted the Meridian building into apartments and renamed the six-story property Alexander Lofts, after telephone inventor Alexander Graham Bell. In tribute to the property’s origins, a mural on the east-facing exterior wall is a a colorful surrealist portrait of Bell. The mural was completed last year by Los Angeles artist Tristan Eaton, who used 600 cans of acrylic spray paint over 15 days to create the artwork.

When Ram bought the property three years ago, Ram chairman Peter Cummings said the goal was to create apartments “very different from new construction.”

It appears he succeeded.

The converted loft apartments feature adaptable open space. This means there no interior bedroom doors, just walls. (Bathrooms do have doors, however.)

Soaring ceilings, some as high as 15 feet, neutral color palates and industrial features, such as exposed ductwork, blend the historic elements of the building with modern finishes, such as glass-and-marble backsplash in the kitchen.

The property consists of studios, one and two-bedroom apartments. Rental rates still are being finalized.

But Hugo Pacanins, managing director of multifamily for Ram Realty Services, said monthly rents will start at $1,350. The building is pet friendly and has Wi- Fi throughout.

Reminders of the 1926 building’s historic roots are everywhere. Some units have original, 10-foot transom windows. Exposed brick decorates the lobby. Even the lobby’s modern ceiling light fixtures, large orbs lit in white and yellow, resemble the telephone assembly of rotary phones.

Pacanins said the goal was to create apartment space that was bright and neutral, to allow the apartments to be a “canvas” for tenants.

Back in 2012, Cummings said the cost of the Alexander Lofts redo could equal the purchase price.

In fact, Pacanins said, the conversion was about double the $5.5 million purchase price. Construction challenges, including piping, electrical and even exterior pavement issues were among the reasons for the added expenses, which sometimes take place with historic properties, Pacanins said.

In any event, Ram finally is at the finish line with the lofts. Plans are to start leasing in about two weeks, Pacanins said.

More WPB apartments
Farther north in downtown, the first apartment complex that is all brand-new construction is moving along well. The first residents are expected to be in Loftin Place by October, according to the developer. Loftin Place is between North Dixie Highway and North Olive Avenue, with Sixth Street on the south and Eucalyptus Street bordering the north side of the property. The first phase is in progress, with 259 planned studios, one- and twobedroom apartments, said Nader Salour, a principal with Cypress Realty in Jupiter. Leasing for the first completed units in this phase will start in May or June. When the property’s second phase is completed, Loftin Place will consist of 463 units.

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