The Real Deal Miami

Ram Realty sells Raleigh rental complex for $56.7 million

The Palm Beach Gardens-based firm had acquired the property for $40.2 million in 2012
January 15, 2017 10:10AM

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.

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.