TEI Acquires Richmond, VA Communities & Brings RMS on to Manage
January 19, 2016
New York-Based Firm Time Equities Inc. (TEI) Acquires Two Richmond, VA Properties for $14,225,000
TEI Grows Its Southeast Portfolio with the Addition of American Heritage and Raven Place Apartments, Tapping Ross Management Services to Oversee Both Communities
NEW YORK, NY – Jan. 19, 2016 – New York-based full-service real estate firm Time Equities Inc. (TEI) today announces the acquisition of two multi family, market-rate apartment communities in Richmond, VA, for a total of $14,225,000. Raven Place Apartments, a 66-unit community located at 1701 East Broad Street, was purchased for $7,600,000. American Heritage Apartments, a 57-unit community located at 1001 East Main Street, was purchased for $6,625,000. Maryland-based Ross Management Services will be overseeing the management of both communities.
These additions mark TEI’s third acquisition in Richmond, elevating the firm’s growing Southeast portfolio. The announcement also comes in tandem with the full-service firm’s golden milestone, as it celebrates 50 years of notable acquisitions and retail growth throughout the country.
“Time Equities Inc. was drawn to Richmond as it has proven to be one of the fastest growing metro areas in the United States, and further, one of the region’s most attractive cities for urban innovation and progression,” says Brad Gordon, director of residential acquisitions for TEI. “Our team remains steadfast in its commitment to developing exemplary residential projects for a variety of residents and we’re confident that Raven Place and American Heritage will prove to be just that.”
Converted as an adaptive reuse renovation years ago from an existing warehouse and meat-packing plant, Raven Place sits in the historic Shockoe Bottom neighborhood. The 10-story American Heritage Apartments, built in 1904 as the American National Bank building and one of the city’s first high-rise office buildings, was renovated a decade also as an adaptive reuse, located in the heart of the city’s Financial District. Both communities offer hip, in-town apartment homes within walking distance of the James River, City Hall, the Virginia State Capitol, the VCU Medical Center and vibrant nightlife spots. TEI will implement a capital repositioning plan at both properties to significantly upgrade the amenities and common areas.
Raven Place offers one- and two-bedroom apartment homes. In-unit amenities include free satellite television, bamboo and stained concrete floors, exposed natural brick, granite countertops and high ceilings. Many of the homes offer spectacular views of downtown Richmond. The community also features free high-speed Internet, electronic access and a fitness center available to all residents.
American Heritage features one-, two- and three-bedroom units. Apartment features include maple hardwood floors, fireplaces, stainless steel appliances, breathtaking city views, free cable television and porcelain sinks. In addition, the property offers onsite retail, fitness center and laundry facilities available to all residents.
ROSS Management Services, a leader in multifamily property management, will oversee management responsibilities for the two market-rate apartment communities. TEI selected ROSS Management Services due to the organization’s extensive track record of increasing asset value through its unparalleled ability to market to the right demographic, improve relationships with residents, and dramatically increase the efficiency and professionalism of apartment operations.
“ROSS Management Services has shown time and time again that it can dramatically improve asset value by developing and employing a wide array of forward-thinking, resident-centric and collaborative strategies and tactics,” said Gordon. “No firm has a better reputation in multifamily operations and management, and no firm is better suited to manage Raven Place and American Heritage. TEI and ROSS are both absolutely committed to maximizing the quality and value of our communities, and this is a partnership that will greatly benefit the residents of these two Richmond properties.”
ROSS Management Services will revamp the communities’ digital marketing strategies to make it easier for prospective renters to find information on Raven Place and American Heritage. As part of the effort, the company will boost the communities’ search engine marketing programs, including their search engine optimization activities and pay-per-click advertising efforts, while also implementing technologies that enable renters to complete leases online. In addition, ROSS will employ its award-winning reputation management platform to strengthen the properties’ reputation on review sites like Yelp, ApartmentRatings and Google.
ROSS Management Services will also update technology-based services for Raven Place and American Heritage residents, efforts that will include the addition of online rent payments, an online resident portal and resident satisfaction surveys. These services are designed to exceed the technology expectations of residents and deliver the conveniences they expect from their apartment community.
“Our mission is to make living at a ROSS community a truly meaningful and satisfying experience. To that end, we serve our communities with a customer-friendly approach that builds strong relationships and leverages innovative technologies,” said David J. Miskovich, chief operating officer of ROSS Management Services. “Time Equities is a fantastic organization that aligns well with our desire to provide the best living experience to our residents. They understand that a well-run, customer-centric apartment community has an exponential positive impact on the value of an asset and the surrounding neighborhood. The synergies between our organizations will forge a powerful partnership that will provide undeniable benefits to the residents of Raven Place and American Heritage.”
For more information on leasing at both properties, please contact Brittany Marcum at 804-840-7424.
About Time Equities Inc.
Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 45 years. With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 20 million square feet of residential, industrial, office and retail property. For more information, please visit www.timeequities.com.
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 over 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.