RAM Sells Two Riverfront Towers for $50M

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DETROIT-RAM Development, headed by managing partner and local developer Peter Cummings, has sold the two apartment towers to New Jersey-based Empirian for about $50 million. The Riverfront 100 and 200 buildings, with about 588 rental units total, had been on the market to several interested buyers since February.

Cummings tells GlobeSt.com that RAM, which is based in Palm Beach Gardens, FL, is selling off its holdings to limit the company to primarily the Southern region. The company owns various retail and residential properties in Florida, as well as two other properties in Detroit, Orchestra Place and the Ellington, and the Villages at Old Farm in Houston. “We felt the time was right to sell the Riverfront Towers, in response to the many inquiries we received,” Cummings says.