RMS Awarded Management of Whispering Pines Apartments
March 18, 2016
Cedar Grove Acquires South Carolina Apartments, Awards Management Responsibilities to ROSS Companies to renovate community to meet demand for quality homes in revitalizing Spartanburg
SPARTANBURG, S.C., March 16, 2016 – ROSS Management Services, a leader in multifamily property management in the Mid-Atlantic region, and Cedar Grove Capital today announced the acquisition of Whispering Pines Apartments and the selection of ROSS as the management partner.
The companies will invest significantly in the renovation of Whispering Pines, which features 312 apartment homes and an array of convenient amenities. The renovations to apartment interiors and amenity spaces will be designed to meet the growing demand for quality housing created by the ongoing revitalization of the City of Spartanburg.
“There’s no doubt that a rebirth of the City of Spartanburg is taking place and we’re looking forward to renovating Whispering Pines to meet the changing expectations of apartment residents,” said Aaron Gorin, managing partner at Cedar Grove Capital, based in New York City. “Spartanburg’s diverse economy is evolving and growing, while its cost of living remains reasonable, making it an excellent place to live and a great investment opportunity for us.”
To enhance and better promote the renovations and the revitalization of the city, ROSS will strengthen Whispering Pines’ digital presence and manage its online reputation, while giving the community an advertising boost. ROSS also will improve on-site operational efficiencies through the use of technology-enabled services, including online and mobile rent payment, service requests and account management.
“Today’s apartment residents want the technology-driven conveniences they’ve become accustomed to while interacting with other consumer products and world-class brands,” said Dave Miskovich, chief operating officer for ROSS Companies, the parent company of ROSS Management Services. “The introduction of our suite of technologically advanced services will instantly modernize Whispering Pines and improve the living experience for current and future residents who move in because of the city’s growing economy.”
In fact, Spartanburg is home to 10 international organizations, including BMW, Milliken, Michelin, Spartanburg Regional Health Services and more, which represent tens of thousands of jobs for residents. And the job market continues to expand in large part because of Spartanburg’s Economic Futures Group, which was recently named one of the Top Ten Economic Development Organizations in the country by Site Selection Magazine.
In addition to the job opportunities, residents of Whispering Pines are just a short drive from a large selection of dining, shopping and entertainment destinations. Among them are Westgate Mall and the many retailers and restaurants surrounding it, including LongHorn Steakhouse, Office Depot and Costco. Also nearby are Wofford College, Spartanburg Methodist College and Chapman Cultural Arts Center.
At the community, residents have access to a number of outdoor amenities, including two swimming pools, two lighted tennis courts and two playgrounds. Indoor amenities include a business center and a clubhouse. Inside the apartment homes, residents enjoy fully equipped kitchens and large walk-in closets.
About ROSS Companies
ROSS Companies, founded in 1983 in Bethesda, Md., is a recognized leader in multi-family acquisitions and investment, development, property management and renovation. With a managed portfolio of more than 10,000 apartment homes in 30 communities, the privately held company is one of the most active multifamily real estate firms in the Mid-Atlantic region. ROSS Companies is comprised of three affiliates – ROSS Development & Investment, ROSS Management Services and ROSS Renovation & Construction. In 2015, ROSS Development & Investment is celebrating its 31st anniversary and ROSS Management Services is celebrating 26 years in business. In 2015, 19 ROSS-managed apartment communities were awarded the Apartment Ratings’ 2014 Top Rated Award, reflecting ROSS Companies’ unwavering commitment to customer satisfaction. These annual awards recognize communities with outstanding resident satisfaction ratings as measured on ApartmentRatings.com. For more information about ROSS Companies, visit TheRossCompanies.com.
About Cedar Grove Capital
Cedar Grove Partners is a value add operator focused on acquiring, renovating, and enhancing operations of quality class B and C multi-family assets primarily focusing on secondary and tertiary cities in the US. Cedar Grove focuses on achieving superior risk-adjusted returns by investing in asymmetric risk-reward opportunities informed by a disciplined acquisition methodology and bottoms up operating philosophy.