Ram Spends $70M on Atlanta Multifamily
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ATLANTA—An affiliate of Ram Realty Partners III has snapped up two Atlanta multifamily assets for $70.4 million. Ram’s management company has taken over the property management and is rebranding Aventine at Vinings and Aventine at Ashford as Rock Creek at Vinings and Rock Creek at Ashford, respectively.
“The focus of Ram’s business model is to pursue investments where we can deploy both capital and human resources,” says Ram CEO Casey Cummings. “These properties represent a classic value-add opportunity for Ram’s investors, where improving the lifestyle experience for residents will, in turn, result in stronger property operating performance.”
Rock Creek at Vinings is a 403-unit garden multifamily community located in Atlanta’s Smyrna/Vinings submarket. Built in 1991, the multifamly property offers quick access to Interstates 285 and 75 and is located near the corporate headquarters of The Home Depot, Coca Cola Enterprises, Genuine Parts (Napa), and The Weather Channel, in addition to the Atlanta Braves’ newly announced stadium.
Rock Creek at Ashford is a 222-unit garden multifamily community in Atlanta’s the Brookhaven submarket. Built in 1987, the multifamily property is near the Central Perimeter office submarket, the strongest performing Atlanta office market.
Rock Creek at Ashford is also within one mile of three major hospitals, collectively known as “Pill Hill,” with more than 1,400 hospital beds and 8,700 employees. The multifamily property is adjacent to the Ashford Dunwoody YMCA and across the street from a 50-acre park and tennis facility.
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