Ram Realty Advisors Completes Sale of Broward County Green-Certified Multifamily Mixed-Use Community Indigo Station -- While Breaking Ground on Another in Oakland Park Featuring Specialty Grocer Sprouts Farmers Market
(DEERFIELD BEACH, FL – June 8, 2021) – Ram Realty Advisors is pleased to announce the sale of Indigo Station, the 226-luxury apartment unit multifamily component of a mixed-use project in Deerfield Beach, Florida. The property is located adjacent to the Deerfield Tri-Rail station along the I-95 corridor – one of the few transit-oriented rental communities in the county -- with close proximity to two employment centers (Cypress Creek and Boca Raton). The development was completed in November 2019 and stabilized in May 2020. The community sold to an undisclosed institutional investor in June 2021 for $65.95 million (~$292,000/unit; 3.99% capitalization rate). The team at Walker & Dunlop brokered the transaction.
Indigo Station is a National Green Building Standard (NGBS)-certified mix of “attainable luxury” studio, one-, and two-bedroom apartment homes, and Ram’s trademark community amenities include onsite shopping and dining, a heated resort-style pool, expansive sundeck, grilling and picnic areas, a group fitness center, electric car charging stations, and controlled access.
Concurrently, construction is underway on a highly anticipated mixed-use development on 12 acres in Oakland Park. Like Indigo Station, the property is in close proximity to major employment centers (Cypress Creek and downtown Ft. Lauderdale) with easy access to I-95, beaches, and nearby shopping and entertainment. The project will include 300 apartments and 31,000 SF of commercial space, including a 23,000 SF Sprouts Famers Market (NASDAQ:SFM). It is slated for occupancy in Fall of 2022, with the Sprouts set to open in November 2021.
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About Ram
Ram Realty Advisors LLC acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $3.2 billion of capital. Ram and its predecessor entities were founded in 1978. The Company is headquartered in Palm Beach Gardens, Florida, and has offices in Charlotte and Chapel Hill, North Carolina.
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Jennifer Stull
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