WHAT
WE DO
We create unique spaces in thriving environments to enhance communities and generate value. We acquire, renovate, (re)develop and manage multifamily, retail, and mixed-use real estate in the major markets in the Southeast.
We stick to what we know, which means we stay focused on our markets and asset classes. We only pursue investments where we deploy both capital and human resources because we believe that real estate is fundamentally a local operating business.
OUR
PROCESS
The Company’s early roots are in community development, where each component demanded attention to detail. Community building requires accountability to several stakeholders – lenders, investors, residents, business owners, and a variety of regulatory agencies. During the Company’s 40+ year history, the nature of the stakeholders and types of projects have evolved, but the commitment to excellence has remained steadfast.
SOURCE
ANALYZE
EXECUTE
OUR
INVESTMENT
STRATEGY
We focus on infill locations in high-growth areas, often near demand drivers such as universities, hospital systems and transit, which we are typically able to access through relationships that we have cultivated in the community.
The Company’s investment strategy is designed to continue our historical process of locating resources – both capital and talent – to markets with opportunities where we believe competitors have either (a) under-estimated upside, or (b) over-estimated risk. Our “bottoms up” approach to investing is enhanced by the combination of a strong institutional discipline and a creative entrepreneurial culture.
SECTOR DISCIPLINE
Our retail projects are primarily grocery-anchored shopping centers. Our multifamily projects involve rental communities, ranging from suburban infill garden style or mid-rise to urban high-rise. Our mixed-use projects typically include both retail and multifamily components. If a substantial portion of the mixed-use project involves a use other than retail and multifamily (i.e. major office or hotel), we bring in a partner.
STRATEGIC FLEXIBILITY
Our experience executing across the risk spectrum (and capital stack) provides the freedom to invest when and how we can best serve our capital partners. We are agnostic about how we access the best opportunities, which means we are not wedded to a single execution strategy. This flexible investment approach is designed to identify the best risk- adjusted returns at a given point in the cycle.
GEOGRAPHIC FOCUS
We believe that there is no substitute for being local. As a result, we focus on markets where we have active presence. Today, that includes South Florida (Miami, Fort Lauderdale, and West Palm Beach), Central Florida (Tampa Bay and Orlando), Nashville, Charlotte, and the Research Triangle (Raleigh, Durham, and Chapel Hill). We have also successfully invested in Atlanta and intend to expand our team into that market.
We acquire urban and suburban infill properties at discounts to replacement costs. We strongly prefer properties that are under-improved and have expansion potential. The redevelopment program typically includes an exterior renovation, as well as unit upgrades (multifamily) and common area and amenity improvements. We drive rental and occupancy gains, frequently through re-branding, upgrading tenancy, and implementation of new marketing and leasing strategies.
We also attempt to create operating leverage through more efficient property management, with a particular focus on reducing expenses. While most of the value is added through our operations and renovation programs, we often generate incremental yield through enhanced capital structures, primarily through the placement of lower cost (and more flexible) debt.
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VALUE ADD
VALUE ADD
We develop or redevelop projects in locations with high barriers to entry, either by virtue of a strict regulatory environment or a lack of available land, with a strong preference for mixed-use, walkable environments. Ram’s in-house site acquisition, project management and development teams execute this strategy with a high degree of care and respect for the risks and returns inherent in the development process.
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OPPORTUNISTIC
OPPORTUNISTIC
We selectively provide preferred equity and/or mezzanine debt to other developers well known to the Ram team. Additionally, during periods of capital market dislocation, we have the ability to acquire distressed senior debt. These strategies are solely executed on retail or multifamily assets where we have operational capacity and an interest in owning the asset/collateral.
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SPECIAL SITUATIONS
SPECIAL SITUATIONS
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PORTFOLIO
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