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.

“While we have invested in Atlanta since 2007, these new acquisitions will benefit from significant new demand drivers,” says Jim Stine, Ram's Chief Investment Officer. “State Farm Insurance has signed several recent large leases in the Central Perimeter market, bringing hundreds of new workers in close proximity to Rock Creek at Ashford. The Braves' new stadium and related mixed-use development on 60 acres is located just 2 miles from Rock Creek at Vinings and is projected to generate more than $400 million in additional investment.”

Ram is undertaking a modernization program to update interior finishes and community amenities at both multifamily properties. In a twist on upgrading options, Ram will offer tenants a personalization program typically found only in custom home purchases—the opportunity to select from a variety of finish level and multiple price points.

Greenberg, Traurig represented Ram. PNC National Bank provided financing.