Ram Realty Advisors Completes Sale of South End Charlotte Properties to AvalonBay Communities
(Charlotte, NC – September 23, 2021) – Ram Realty Advisors announced the sale of Hub South End and Three30Five, two mixed-use projects located in Charlotte’s dynamic South End district. The properties were acquired by AvalonBay Communities, Inc. (NYSE: AVB). Newmark represented affiliates of Ram Realty Partners IV LP and Ram Realty Partners V LP in the transactions.
Casey Cummings, Ram’s CEO, said, “Our commitment to the South End began fifteen years ago. We are grateful that AvalonBay selected our South End residential portfolio as its entrée into North Carolina and are confident that they will be great stewards of these assets.”
Hub South End was completed in 2020 and includes 265 residences and 22,000 square feet of commercial space. The mix of studios, one-, two-, and three-bedroom apartments and townhomes was 97% occupied at the time of sale. The community provides several market-leading amenities, including an outdoor fitness space, saltwater lap pool with cabanas, a podcast sound room, and collaborative co-working spaces. Art is integral to Hub South End; it has an Artist-in-Residence program and a curated indoor collection of 26 original artworks, as well as three exterior public art installations. The community is National Green Building Standard (NGBS)-certified.
According to Rachel Russell Krenz, Ram’s Director of Development in Charlotte, “Hub South End has been a labor of love. The design, construction, and asset management teams shared our vision to activate this corner with thoughtful execution, positively impacting the daily lives of individuals. Ram’s commitment to ‘People Making Places’ began decades ago, and I am pleased that Hub South End was able to deliver on that promise.”
Constructed in 2013 and acquired by Ram in 2018, the residential phase of Three30Five includes 164 residences. Immediately following the acquisition, Ram renovated the community amenities and upgraded the unit interiors. The Company sponsored the installation of several murals as part of its Artist-in-Residence program. The prime walkable location and extensive mix of studios, one-, two-, and three-bedroom units appeals to a variety of residents seeking the active South End lifestyle. The property was 97% occupied at the time of sale. In addition to the residential phase, Ram developed a 59,000 square-foot commercial project, anchored by Arrival Automotive’s North American Headquarters (NASDAQ: ARVL). The commercial component was sold to Asana Partners in July of this year.
“We have several other major investments in the district and a few more in the planning stage,” added David Klepser, VP of Carolinas for Ram Realty Advisors. “We look forward to playing a continuing role in the evolution of South End.” Ram recently began development of Everly, a 253-unit apartment community located a block away from Three30Five. In addition, a partnership between Ram and Childress Klein is nearing completion of Lowe’s Global Technology Center, a 378,000 LEED-certified 23-story addition to the South End skyline.
Dean Smith, Vice Chairman of Newmark’s Carolinas team, noted, “To establish their foothold in the Carolinas, Avalon Bay needed to identify exceptional, differentiated product in a fortress location. Through years of dedication, Ram has been a driving force establishing what is now the heart of South End -- able to deliver exactly what Avalon Bay needed to confidently enter the market."
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’s South End and Chapel Hill, North Carolina; and Nashville, Tennessee. www.ramrealestate.com
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