ROSS Management Services Awarded Management of Twin City Apartments
December 22, 2015
Community to receive updates, minor reconfiguration and advertising boost
WINSTON-SALEM, N.C., December 22, 2015 – ROSS Management Services, a leader in multifamily property management in the Mid-Atlantic region, today announced it has taken over management responsibilities for Twin City Apartments.
The 285-unit community will mark the first North Carolina-based property management project for ROSS Management Services, which was selected by multifamily operator Cedar Grove Capital to oversee the daily operations of the community. ROSS will aim to strengthen Twin City’s digital presence and online reputation while giving the community an advertising boost. ROSS also will implement community upgrades and improve on-site operational efficiency.
“Our plan is to develop a presence in North Carolina, and we believe Twin City is a fantastic place to start,” said Dave Miskovich, chief operating officer of ROSS Companies. “This community has substantial upside, and we believe the addition of our comprehensive, award-winning marketing program will reach new target demographics to drive occupancy and revenue growth.”
Aaron Gorin, managing partner at Cedar Grove Capital, based in New York City, added: “ROSS Management Services is one of the most well-respected management companies in the Mid-Atlantic region and has an impressive track record of helping owners maximize asset value. We are excited to participate in the significant economic growth we are seeing in the Winston-Salem area, and we are dedicated to investing here and partnering with the local community to drive improvements. With ROSS on board to implement its innovative operations management, we believe it’s a fantastic fit moving forward.”
The transit-friendly community sits less than eight miles south of Wake Forest University and within minutes of several professional employment opportunities throughout the city. The Wells Fargo Center is less than five miles to the north and the Novant Health Forsyth Medical Center within five miles to the northeast. Nearby Hanes Mall is home to several local and national retailers, including Macy’s, Dick’s Sporting Goods and Zales Jewelers.
Just steps from Hanes Mall, residents also have access to an even larger selection of prominent national retailers, including Best Buy, Target, The Home Depot, Lowe’s Home Improvement and Harbor Freight. A wide variety of cuisine options are in close proximity to the community, including The Basil Leaf Thai and Sushi Restaurant, Mooney’s Mediterranean Cafe, Athena Greek Taverna and Little Richard’s BBQ. Numerous nightlife options include Hutch and Harris Pub and Tavern in Old Salem and Mi Tierra Sports Bar.
The community’s name is a reference to Winston-Salem’s “Twin City” moniker, derived from the city’s heritage and its dedication to fine arts and theater and technological research. It has often been dubbed the “City of the Arts and Innovation.” Nearby recreational outlets include Parkland Park, which is within walking distance of the community and equipped with multiple tennis courts. Bolton Park, which features a swimming pool, is within five miles.
Situated at 1805 Franciscan Drive, the community sits just west of Peters Street Parkway, providing expedient access to Highway 40 (Blue Star Highway), which spans the entire state and passes through locations such as Ashville and Hickory to the west and Greensboro, Durham and Raleigh to the east. Charlotte is a 75-minute drive to the southwest of the community.
Twin City consists of townhome and garden style apartments and features lofts, 1-, 2-and 3-bedroom homes with spacious floor plans and ample closet space. The community includes an in-ground pool, recreation room, laundry facilities and an abundance of off-street parking.
With the addition of Twin City Apartments, ROSS Management Services currently operates 30 apartment communities, representing more than 10,000 units, in the mid-Atlantic region.
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.