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MIRAMAR, FL-Palm Beach Gardens-based Ram Realty Services began construction in April on a $40-million, 240-unit apartment complex. The multifamily project is rising on 12.5 acres at 3040 SW 119 Ave.

The project will feature Mediterranean-style garden apartments ranging from one to three bedrooms, and a 12,400-sf play area, which includes a tennis court, clubhouse and pool deck. The property is surrounded by a lake with a promenade and sidewalks for residents to use. Units will range in size from 800 sf to 1,300 sf and target rents for the property will range from $1,300 for a one-bedroom unit to $1,900 for a three-bedroom unit, Ram Realty Services chief development officer Michael Hammon tells GlobeSt.com.

The project is located in close proximity to the Florida Turnpike, Interstate 95 and Interstate 75. Construction of the project is expected to be completed in spring 2008. "This a great site for a rental apartment building," Hammon says. "It's convenient to both Miami and Fort Lauderdale. There is a lot of employment in the area at the Miramar Park of Commerce."

Hammon adds that Ram Realty opted to develop an apartment building rather than a condominium building because pre-sales for condominium units have slowed considerably. "The rental market in Broward County is still strong," he says. "We're somewhat land constrained so there's not a lot of land for new developments."

Another factor driving the decision behind the project was that it is located in a growing area. "Miramar is one of the fastest growing cities in South Florida as a result of an increase in employment opportunities, the affordable cost of living and the quality of life it offers," Ram Realty Services president Casey Cummings says. "We saw this as a great opportunity to develop a rental residential project in this market that would cater to the growing population needs."

Instant Insights /

$40M Apartment Complex Rising in Miramar

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