Ram Realty sells Raleigh rental complex for $56.7 million

Miami /
Jan.January 15, 2017 10:10 AM

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.

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.


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
LCOR's Anthony Barsanti and Anthony Tortora with 1775 Biscayne Boulevard (LCOR, Zillow) Arts & Entertainment District
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...