By Elsie Franco via Charlotte Business | September 30, 2024 | Click here to view the original article
Florida developer Ram Realty Advisors' latest Charlotte apartment project is filling up.
Everly, a 253-unit multifamily community at 421 W. Tremont Ave. in South End, delivered in July and is now more than 50% leased, said David Klepser, Ram's managing director of development and construction.
"We're just three months in and over 50% leased, which in the apartment lease-up world, that’s pretty fantastic," he said. "It feels like we really did hit on what we were trying to accomplish here."
The community has studio, one-, two- and three-bedroom units, as well as a handful of "micro-units" that range between 400 and 500 square feet. Klepser said the micro-units were designed to be an entry point for people wanting to live in South End at a more affordable price point.
Micro-units start at $1,320 per month. Studios start at $1,615 per month; one-bedroom units start at $1,790; and three-bedroom units start at $3,700, according to the Everly website. Rental rates on two-bedroom units were not immediately available.
Rachel Russell Krenz, Ram's former vice president of development, said Everly was designed with the historic South in mind, reminiscent of New Orleans or Charleston, South Carolina. Ram worked with Charlotte firms BB+M Architecture and Seamon Whiteside to design and upfit the project, Krenz said.
Clancy & Theys was the general contractor, and PNC Bank provided financing.
Making project stand out in South End
“We wanted to make Everly stand out from the competition by creating a space where people could exhale and feel like they are home," Krenz said. “We were committed to create homes that are distinctive among other South End apartments and feel we delivered on the brand."
Amenities at Everly include a dog park and pet spa, fitness center, bicycle storage facility, a mini-golf putting green, pool, large shared outdoor spaces and coworking spaces.
Klepser said some of the more unique amenities include a maker's space with art supplies and a gift-wrap station, a screened-in sleeping porch with hanging chair and chaise lounges, large swings along the pool deck, and a community pantry that provides residents with small kitchen appliances and other items useful for entertaining.
"We really took some time to think about how to make this property stand out amongst all the others in South End," he said. "The types of fixtures and the design were really focused on making the space feel like a home and a place to come to feel relaxed ... and not just another cookie cutter apartment community."
Ram eyes another Charlotte project in 2025
Ram began investing in the Charlotte region in 2007. The firm acquired the 45-acre South End Business Park in late 2022. Klepser said the firm is working on a master plan for the property that will be an expansive mixed-use redevelopment. He did not provide additional details but said Ram hopes to kick off construction on phase one in late 2025.
The 14-building, 377,152-square-foot business park, is located between Interstate 77 and South Tryon Street, just north of Clanton Road.
Most recently, the developer acquired a portion of The Quarter South End at 2218 and 2320 Toomey Ave. Ram bought the properties for $18.6 million in July from a joint venture that included Abacus Capital, FCP and Big Cypress Capital. Klepser said Ram is planning a multifamily redevelopment project for a portion of that property.
Ram also had a hand in the development of Lowe’s Global Technology Center, Hub South End Apartments, Three30Five Apartments, Three30Five Commercial, The Collective and The Perch.
ABOUT RAM
Ram Realty Advisors LLC acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $4.5 billion of capital. Ram and its predecessor entities were founded in 1978. The company is headquartered in Palm Beach Gardens, Florida, and has offices in Tampa, Florida; Charlotte and Chapel Hill, North Carolina; and Nashville, Tennessee. www.ramrealestate.com
MEDIA CONTACTS:
On behalf of Ram Realty Advisors:
David Klepser
Managing Director
Ram Realty Advisors