TAMPA, Fla.--(BUSINESS WIRE)--

Ram Realty Advisors (“Ram”), a real estate investment management firm specializing in multifamily, grocery-anchored retail, and mixed-use in select high-growth markets throughout the Southeast, today announced the acquisition of Beacon 430, a 327-unit apartment community located in Downtown St. Petersburg, Florida (Tampa MSA). The property was acquired by an affiliate of Ram Realty Partners VII.

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The acquisition reflects Ram’s strategy of investing in well-located multifamily assets within infill urban markets where development constraints limit new supply. Developed in 2014, Beacon is a four-story, elevator-served residential community situated on a 4.3-acre site spanning two city blocks in the heart of Downtown St. Pete. The property provides a low-rise residential alternative with extensive outdoor amenities in a submarket where limited site availability and rising land costs increasingly favor high-rise development.

Downtown St. Pete has emerged as one of Florida’s most vibrant urban submarkets, supported by strong population growth, a diversified employment base, and a highly walkable waterfront environment. The property is within walking distance of several of the area’s largest employers, including Johns Hopkins All Children’s Hospital, Orlando Health Bayfront Hospital, and the University of South Florida St. Petersburg campus, as well as the Central Avenue retail and entertainment district and the city’s waterfront cultural attractions.

Ram plans to implement a targeted value-add program focused on operational enhancements, common area and amenity improvements, and select unit interior upgrades designed to further position the property within the market.

“Beacon stood out to us because of its scale, location, and ability to offer a different residential experience than much of the new product in Downtown St. Pete,” said Nate Wilson, Vice President of Multifamily Investments at Ram. “We believe targeted operational improvements and selective upgrades will further strengthen the property’s position within the market.”

“The Tampa Bay area has been a primary market for Ram for more than two decades,” said Casey Cummings, Chief Executive Officer of Ram. “We have been investing in this market since 2000 and continue to see strong long-term fundamentals in Downtown St. Pete. Beacon represents another opportunity to expand our footprint in a market we know well.”

About Ram

Ram Realty Advisors LLC is a real estate investment management firm specializing in multifamily, grocery-anchored retail, and mixed-use in select high-growth markets throughout the Southeast. The firm’s portfolio comprises assets across the investment risk spectrum, including core-plus, value-add, and opportunistic strategies. Founded in 1978, Ram and its predecessor entities have deployed over $5.0 billion of capital on behalf of institutional partners. The firm is headquartered in Palm Beach Gardens, Florida, and has offices in Tampa, Florida; Charlotte and Chapel Hill, North Carolina; and Nashville, Tennessee. www.ramrealestate.com

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Source: Ram Realty Advisors LLC