residential

  • 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.

  • 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.

  • Sep
    30

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.”

  • 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.

 

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  • 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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  • Apr
    21

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.