Charlotte, N.C.—Ravin Partners LLC and Northwood Investors LLC have announced a joint venture to form a residential multifamily platform, Northwood Ravin LLC. The company will be providing property management, residential development and construction services on multifamily projects across the Southeastern United States.
Consisting largely of Crosland’s former residential development, construction, and property management teams, Northwood Ravin has added 95 associates to its platform and recently purchased a portion of the Crosland property management department. David Ravin, the former multifamily President at Crosland, formed Ravin Partners LLC in April of 2011 and purchased the Crosland residential development and construction departments after Crosland elected to divest of its operating platforms last year.
Northwood Ravin has purchased 2.3 acres in Richmond, Va. for the 200-unit Manchester on the James project and has purchased 1.3 acres in downtown Raleigh, N.C. for the 134-unit St. Mary’s Square project. In addition, the company is working on another 345-unit project in Atlanta, Ga. expected to close by the end of the year. The company is currently building three other projects in the Raleigh-Durham market including Trinity Commons at Erwin, Chapel Hill North and Chapel Watch Village. Northwood Ravin will also provide property management services for a portfolio of 16 market-rate apartment properties, totaling 3,100 units.