Ram Realty Advisors Completes Sale of CURV in Downtown Fort Lauderdale to AvalonBay Communities
(Palm Beach Gardens, FL – October 25, 2021) – Ram Realty Advisors announced the sale of CURV, a recently completed mixed-use project anchored by Whole Foods Market, located at the corner of Federal Highway and Southeast 17th Street. The urban infill property was acquired by AvalonBay Communities, Inc. (NYSE: AVB). Newmark represented affiliates of Ram Realty Partners IV LP in the transaction.
CURV was completed in 2020 and includes 243 apartments adjacent to a 668-space parking garage that is shared with the 49,000+ square foot flagship Whole Foods Market. Roger Fry Architects created a modern interpretation of the timeless art deco style reminiscent of South Florida in the Twenties and Thirties. Ram acquired the 3.2-acre property, formerly used as a motel and restaurant, in 2018 following a rezoning process through the City of Fort Lauderdale. The project’s design reflects Ram’s long-standing commitment to the community and the built and natural environment. CURV is National Green Building Standard (NGBS) certified.
The community provides several market-leading amenities, including a private tropical courtyard with resort-style pool; LuxerOne Package Lockers w/Refrigerated + Dry-Cleaning Units; 24-hour Fitness Center with exclusive Mirror™ On-Demand Workouts and Yoga Studio; and multiple business, work, meeting, gathering, and entertainment spaces. The mix of studios, one-, two-, and three-bedroom residences was 97% occupied at the time of sale. The commercial component, which is solely comprised of the Whole Foods Market, was 100% occupied at the time of sale.
According to Ram’s Kerry-Ann Wilson, Vice President-South Florida, “Bringing this unique project to one of the main intersections in Fort Lauderdale allowed us to leverage decades of expertise in both multifamily and retail development. The commitment from Whole Foods provided an opportunity to create a thoughtfully designed mixed-use project in a highly desirable neighborhood.”
Casey Cummings, Ram’s CEO, added, “The collaboration with the design and construction teams, asset and property managers, as well as local government generated a positive impact for the community and our partners. We are grateful that industry leaders like Whole Foods Market and Avalon Bay Communities recognize the value that our team has created.”
Ms. Wilson noted Ram’s presence in Broward County continues to expand. It recently broke ground nearby on a mixed-use project in the City of Oakland Park, called BLYS, featuring 300 apartments, a Sprouts Farmers Market and 8,000 sf of retail. The initial phase is scheduled for completion later this year.
Newmark’s Avery Klann, Vice Chairman, Multifamily Capital Markets, added, “CURV’s condominium-quality apartments and flagship Whole Foods attracted a diverse set of buyers to this rare mixed-use project. Ram is known throughout South Florida for its ability to consistently deliver the high-quality mixed-use residential communities that attracted Avalon Bay.”
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 Tampa, Florida; Charlotte and Chapel Hill, North Carolina; and Nashville, Tennessee. www.ramrealestate.com
On behalf of Ram Realty Advisors:
Alchemy Communications Group
office: 561.935.9953 ext. 101
Kerry-Ann Wilson Vice President – South Florida Ram Realty Advisors email@example.com