Ram Realty Advisors acquires land in South End for apartment project
(Charlotte, NC – July 8, 2021) Ram Realty Advisors closed last week on a 2.6-acre land parcel at 421 W. Tremont Avenue in the South End. The property is located at the southwest intersection of Tryon and Tremont. Ram is immediately breaking ground on the development of a new multifamily community – Everly. The project will include 253 units. This is Ram’s seventh investment in the South End. Most recently, the Company developed or acquired the Hawk (71 units, high-rise apartments), Lowe’s Global Technology Center (375,000 SF in joint venture with Childress Klein), Hub South End Apartments (265 units and 22,000 SF of commercial, mid-rise), Three30Five Apartments (164 units, mid-rise), and Three30Five Commercial (59,000 SF, Arrival Automotive North American headquarters). Ram has invested or committed to invest in excess of $500 million in the South End. According to the Charlotte Business Journal, Ram is one of the most active real estate developers and investors in the region.
Broker CBRE represented the seller, Tremont Associates, LLC. Kevin Kempf, its Executive Vice President, Institutional Properties/Multifamily, said, “CBRE is proud to represent the seller on this notable transaction, adding another great story to the evolution of South End’s growth and the energy of West Tremont. Ram’s track record in the Carolinas is impressive, and we look forward to seeing Everly come to life.”
Ram was deliberate in choosing this block of Tremont -- while located within walking distance to all the entertainment, rail trail, light rail, and employment opportunities, it has a distinctly lower-key, residential neighborhood feel compared to the rest of South End. Everly‘s home options range from studio apartments up to large three-bedroom residences. With its variety of home sizes and layouts, Everly will offer more large unit balconies than any other community in South End and select apartment homes will include screened-in porches and outdoor fans, with ground-floor residences offering large walk-up patios.
Everly’s look and aesthetic appeal are specifically designed to capitalize on the quieter surrounding site, aiming to create a homier and more hospitable experience for residents. Amenities include a sleeping porch, relaxing saltwater pool, multiple working areas both indoors and outdoors, putting green, year-round porches, and much more.
The design and construction team include BB+M Architecture & Interiors, Seamon Whiteside Civil Engineering & Landscape Architecture, CM Engineering, Wallace Engineering, and Clancy & Theys Construction.
South End has over 9,500 apartment homes today and the highest absorption of multifamily units in the city. The neighborhood is projected to grow more in the coming years with over 3M additional commercial SF planned to open over the next two years, adding to today’s already dynamic 2M SF of retail shops and restaurants and 3.5M SF of office.
Rachel Russell Krenz, Director of Development-NC for Ram, understands the South End market and Ram’s considerable commitment to the community. “This an opportunity for Ram to bring another unique housing option to this neighborhood, based on what South End residents want today, and what will be attractive to those future employees moving to the area.” With recent corporate office announcements from Lowe’s, Arrival, and USAA – 10,000 employees will have the opportunity to walk home to Everly from their offices, and enjoy its uniquely classical touches, resident-focused management, and a long list of premium amenities that exceed comparable properties.
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 $3.5 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 Charlotte’s South End; Tampa, Florida; Nashville, Tennessee; and Chapel Hill, North Carolina. www.ramrealestate.com
Alchemy Communications Group
office: 561.935.9953 ext. 101
Rachel Russell Krenz
Director of Development – NC
Ram Realty Advisors