(Chapel Hill, NC – September 8, 2021) – Ram Realty Advisors is pleased to announce the sale of The Elliott, a 272-unit luxury apartment community in Chapel Hill, North Carolina. Located in the town’s Blue Hill District and situated adjacent to Booker Creek Basin Park, the development was completed in September 2020. The community was owned by an affiliate of Ram Realty Partners IV LP and sold to Bell Partners earlier this month. The sale was handled by NorthMarq, which represented Ram in the disposition.
“The Elliott is the latest example of our commitment to creating high-quality mixed-use and multifamily communities throughout North Carolina. We have other significant investments in the Triangle and look forward to executing several additional projects in the near term. The project leased up at a record pace largely as a result of the amenities in the Blue Hill District and convenient access to UNC-Chapel Hill,“ said David Klepser, Vice President – Carolinas.
“There is robust demand for stabilized, well-located multifamily assets in the major markets in North Carolina. We continue to look for additional opportunities to invest capital and execute on our development and repositioning strategies,” said Ashley Saulpaugh, Regional Director of Investments – Carolinas.
The project was named after botanist Stephen Elliott, Yale University’s 1791 valedictorian who is considered America’s foremost expert on southeastern plant species. The project design honors Elliott’s legacy through an intentional blending of indoor and outdoor living. The Elliott is located along the recently completed Booker Creek Basin Park, a public-private partnership between Ram and the Town of Chapel Hill. The community is National Green Building Standard (NGBS)- certified. Residents enjoy several lifestyle amenities including an expansive pool deck, outdoor grilling pavilion, covered porch overlooking Booker Creek, co-work lounge, library, whiskey room, and multiple fitness offerings. The property includes a mix of studios, one-, and two-bedroom homes and is walkable to a myriad of dining, shopping, and entertainment venues.
Ram began investing in the Triangle in 1999 and in Chapel Hill in 2005. The company owns several commercial properties in Raleigh, Durham and Chapel Hill, most notably University Place. Ram recently obtained approval from the Town of Chapel Hill to transform the 1970s-era enclosed mall into a mixed-use, open-air project with 375,000 square feet of commercial space and 250 apartments in the first phase.
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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office: 561.935.9953 ext. 101
David Klepser Vice President – Carolinas Ram Realty Advisors email@example.com