CHARLOTTE, N.C., Jan. 17, 2017 /PRNewswire/ -- Ram Realty Services and LMC are pleased to announce the sale of Midtown 205 to an undisclosed institutional investor. Midtown 205 is a 261-unit apartment community with 8,630 square feet of ground-floor retail space conveniently located in the popular Midtown neighborhood.
Ram and LMC formed a joint venture partnership in 2013 to develop the community in a pedestrian-friendly location alongside Metropolitan, Midtown's premier shopping plaza just minutes from downtown Charlotte. The project broke ground in early 2014 and delivered the first units in late 2015.
"Demand for high-quality apartment housing continues to grow in the popular Midtown submarket, and Midtown 205 made the most of it, consistently outperforming its closest competitors," said Jennifer Stull, Managing Director of Asset Management for Ram. "Its trend-setting design and walkable location made it one of the most desirable communities to both residents and potential buyers in the region. We're pleased with the sale and look forward to finding new opportunities to continue investing in the thriving Charlotte market."
Residents at Midtown 205 have easy access to an array of popular dining, shopping and entertainment destinations at Metropolitan, including Pisces Sushi Bar & Lounge, Vivace, Dressler's, Target, Trader Joe's, West Elm and more. Also within close proximity of Midtown 205 are the Charlotte streetcar, the Little Sugar Creek Greenway trails, Interstate 277, and US Route 74, providing fast access to Uptown, South End, and other outlying neighborhoods.
In addition to its convenient location, Midtown 205 offers residents a variety of lifestyle-enhancing features and amenities. A shimmering courtyard swimming pool, outdoor kitchen with a flat-screen TV and fireplace, and a modern fitness center with separate yoga and cycling rooms headline the amenities. Inside the apartment homes, residents enjoy custom-designed cabinetry, 9+ foot ceilings, stainless-steel appliances, granite countertops, light-filled interiors and dramatic skyline views in select units.
"Midtown 205 combines proximity to Uptown employers and some of Charlotte's finest residential neighborhoods with unparalleled walkability to retail and restaurant options," said Jeff Harris, LMC's division president for the Carolinas. "We believe it will continue to add value for the neighborhood, the new owners and its residents for years to come."
LMC, which Lennar launched in 2011, is a multifamily real estate development company focused on assembling a diverse portfolio of institutional quality multifamily rental communities across the US. It has approximately 12,800 apartment homes in 43 communities operating or under construction and, including these communities, a development pipeline that exceeds $7 billion and more than 22,700 high-rise, mid-rise and garden apartments.
LMC creates extraordinary communities where people can live remarkably.
About Ram Realty Services
Founded in 1978, Ram is an affiliated group of companies and partnerships that acquire, develop, and manage retail and residential properties in select high growth markets in the Southeast. Since 1996, the company has deployed in excess of $2.5 billion of capital. Ram is currently developing active projects in Florida (West Palm Beach, Boynton Beach, Hollywood, and Doral) and North Carolina (Chapel Hill, Durham and Charlotte). Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale, Florida, and Charlotte, North Carolina. For more information, visit www.ramrealestate.com.
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