Ram Realty Advisors announced the sale of Hawk Apartments, a 71-unit luxury apartment community located in Charlotte’s vibrant South End district. The property was acquired by AvalonBay Communities, Inc. (NYSE: AVB). Newmark represented an affiliate of Ram Realty Advisors in the transaction.
Ram has continued its commitment to developing distinctive assets in South End with its most recently completed offering – Hawk, a 13-story high-rise building that uniquely features just six residences per floor configured among its one-, two-, and three-bedroom floorplans, which was 92% occupied at the time of sale. Hawk, a National Green Building Certified property (NGBS), delivers on its intention of redefining luxury rental living through its implementation of thoughtful and precise design, and selection of elegant décor and finishes, all within generously sized apartment homes that measure 1,222 sf on average. Located within the South End’s Design District, Hawk features 17 commissioned art pieces by local artists that are displayed throughout the property.
“The Hawk development team, including Cline Design Associates, Concorde Construction, and others, worked meticulously to deliver a housing option that didn’t yet exist in Charlotte, resulting in a successful high-profile development,” said Rachel Russell Krenz, Vice President of Development for Ram. “Hawk is evidence of the strength and viability of the high-end rental market in Charlotte.” Ram’s intentional focus on producing high-quality unit details, features and finishes, and selective community spaces translated into an exceptional residential experience and some of the highest rents achieved in the market. Hawk was recently recognized with prestigious Multifamily Executive’s Best Unit Design and Charlotte Business Journal’s Top Apartment/Condo Building awards, further cementing its impact.
“With Hawk, Ram proved the depth of demand for true luxury rental product in Charlotte. This precedent-setting sale is emblematic of the recent growth of South End and ascension of Charlotte to one of the most sought-after investment markets in the country,” said Dean Smith, Vice Chairman of Newmark’s Carolina team.
Since 2007, Ram has been investing in South End and is one of areas most active investment participants with previously developed properties – Hub South End, a 265-unit mixed use property with 22,000 sf of retail; Three30Five Commercial, a 59,000 sf of office and retail, and with the acquisition of Three30Five Residential, a 164-unit apartment community, all sold earlier in 2021. Ram is continuing its expansion in the area with Everly – a 253-unit apartment community already under construction and slated to deliver in 2023.
“We are excited to continue being a part of the evolution of South End,” said David Klepser, Vice President — Carolinas for Ram Realty Advisors. “We have additional investments in the district and elsewhere in Charlotte, and look forward to contributing to the market’s intelligent growth.”