Ram Realty Advisors Completes Sale of The District Boynton to Nuveen Real Estate
(Palm Beach Gardens, FL – December 21, 2021) – Ram Realty Advisors announced the sale of The District Boynton, 350-unit luxury apartment community located in the prime epicenter of Boynton Beach, offering the perfect blend of coastal suburban living with nearby city convenience. The urban infill property was acquired by Nuveen Real Estate. Newmark represented affiliates of Ram Realty Partners IV LP in the transaction.
The District Boynton was completed in 2017, offering one-, two-, and three-bedroom apartments on a quiet canal side corner. Its surrounding locale boasts almost two million square feet of shops, restaurants, and entertainment. Convenient to major highways, transit options, and the nearby Quantum Corporate Park, the community is just 2.5 miles from the coast, 15 minutes from downtown Delray Beach and 20 minutes from downtown West Palm Beach.
The community provides several market-leading amenities, including a private courtyard with a heated saltwater pool and beach entry, sundeck with shaded cabanas, green space with hammocks, and a veranda with an outdoor kitchen and gas barbecue; 24-hour fitness center; yoga/group exercise studio with Fitness-on-Demand; playground; pet spa; and multiple business, meeting, gathering, and entertainment spaces.
The apartment community was 96% occupied at the time of sale.
According to Ram’s Kerry-Ann Wilson, Vice President-South Florida, “The District Boynton offers residents a perfect blend of being commuter friendly, located in an area that is upscale and close to the ocean, and near all the lifestyle conveniences -- yet still not as dense as Delray Beach to its south or West Palm Beach to the north. It’s an extremely attractive option with all the expected upscale amenities and luxury interior features. We are making additional investments in South Florida and throughout the Southeast U.S., all of which are focused on creating unique living environments and enhancing the surrounding communities.”
Ram’s active pipeline exceeds $500 million and is primarily focused on mixed-use projects. Locally, it is nearing completion on the first phase of its project BLYS in Broward County’s Oakland Park, anchored by a Sprouts Farmer Market. Another soon-to-be announced project is located in northern Miami-Dade County.
Nuveen’s Carlos Burneo, Senior Director, Housing Investments stated, “The District Boynton is a great fit for our housing investment strategy. This infill, Class-A, fully leased apartment deal offers a strategic location in Palm Beach County. This is one of the fastest-growing markets in the country, driven by employer migration and population growth. We are actively looking for similar investment opportunities to expand our portfolio.”
Newmark’s Avery Klann, Vice Chairman, Multifamily Capital Markets, added, “The District Boynton’s upscale apartments, cutting-edge suburban design, and infill master-planned location is highly desirable to both apartment renters and investors. Nuveen should continue to benefit from the explosive growth that is taking place in Boynton Beach and South Florida.”
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 firstname.lastname@example.org