ATLANTA-Palm Beach Gardens, FL-based Ram Realty Services has acquired an 18.3-acre property with 134,560 sf of retail space at 515 Garson Rd. for $27 million. Ram Realty plans to redevelop the site into a mix of apartments and condominiums with more than 1,000 units.

The seller of the property was Lakeview Associates Garson LLC. Ken Baye and Michael Halbreich, of Bay City Development, represented Ram Realty in the transaction.

Amenities at the new multifamily complex will include terraces with swimming pools, fitness facilities, gardens and nature trails. "We liked that the property is located between the Midtown and Buckhead neighborhoods," Ram Realty Services president Casey Cummings tells GlobeSt.com. "Our business strategy has been to focus on urban infill areas."

The project will be completed in phases. The project is still in the planning phases, but construction on the first phase, which will cost $55 million, is expected to begin by the end of 2007 and be completed by the first quarter 2009. The entire project, which will cost $200 million, will take three to five years to complete. "In all likelihood, the first phases will consist of luxury apartments," he says.

The acquisition marks Ram's entry into Atlanta. The company also has plans to develop projects in Charlotte and Raleigh, NC. "We have a very strong footprint in Florida and we plan to continue to focus in that market," Cummings says. "However, we also have been focusing on efforts in expanding our geographic reach throughout the Southeast."