Ram Realty sells Raleigh rental complex for $56.7 million

Stonehenge apartment complex in Raleigh, North Carolina (Source: HotPads com)
Stonehenge apartment complex in Raleigh, North Carolina (Source: HotPads com)

Palm Beach Gardens-based Ram Realty Services sold an apartment complex in Raleigh, North Carolina, for $56.7 million, or roughly $125,000 per unit.

Magnolia Capital, a Chicago-based property investor, bought the 45-unit rental property, called Apartments at Stonehenge, which was 94 percent occupied at closing.

Brokerage firm HFF represented the Ram in the deal.

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Ram Realty acquired the Stonehenge property in 2012 for $40.2 million and invested another $2.5 million in property upgrades, which included rebranding a 96-unit section with upscale interior finishes as The Reserve at Stonehenge.

Max Peek, chief executive officer of Magnolia Capital, called the Stonehenge property “an attractive asset in a premier location” in a prepared statement.

The property has three swimming pools, a two-story clubhouse with fitness center, an indoor basketball court and racquetball court, lighted tennis courts and a playground. Other amenities include a fire pit and a resident lounge with a demonstration kitchen.