The Worthing Cos., RAM Partners Form Alliance
- Jun 09, 2021
Two multifamily companies have teamed up for a strategic alliance to complement each other’s business model.
Developer The Worthing Cos. and property management company RAM Partners have formed a partnership that would see Worthing receive RAM’s lease-up services for its developments, while RAM will absorb Worthing’s property management division.
The alliance, which went into effect June 1, adds 62 employees to the RAM team and 2,805 units to its management portfolio. RAM’s current management portfolio includes mostly properties in the Atlanta area but also extends to Colorado, Texas, Florida, Philadelphia and Washington, D.C. area communities.
Bill Leseman, president of RAM, told Multi-Housing News that seven of the 62 Worthing employees that included corporate executives and support team members, moved to RAM’s headquarters in Atlanta as a result of the alliance. The remainder of the employees were onsite employees that were located in the field at their properties, Leseman also told MHN.
For Worthing, the alliance grants the multifamily developer RAM’s lease-up services on all Worthing-sponsored developments. The developer has built more than 40,000 units in growth markets in Sunbelt states, including a 282-unit apartment community in Atlanta that was completed in 2017.
Worthing is currently working on several projects throughout Georgia, including in Duluth, Woodstock, Alpharetta, Buford and Smyrna. Leseman told MHN that RAM will manage Worthing’s Northwinds project in Alpharetta and The Exchange at Gwinnett project in Buford.
Darin Collier, president of Worthing, said in prepared remarks that RAM was the only platform whose approach to property management matched that of Worthing’s.
“They approached us and we felt like it was a good fit on both sides due to similar cultures, management style and commitment to excellence,” Leseman told MHN, on how the alliance formed.