ROSS Creates $423K NOI Growth in the First Year of Management
August 23, 2019
Takeover Date: June 2016
Project Description: 254 unit mid-rise complex in Anne Arundel County, Maryland
Off-market asset, Horizon Square Apartments, purchased from an established Washington DC area real estate family. The property had been managed from inception by a local property management company lacking sophistication, internal systems, and expertise. Within the first year, ROSS implemented a utility billing program to pass through a portion of water/sewer expense to the residents.
This program currently generates over $85K in annual revenue. Additionally, through ROSS’ portfolio purchasing power, training, and property oversight, expense lowering initiatives reduced Controllable Expenses 17.5% in the first year. In year one alone, additional revenue and expense savings created year-over-year NOI growth of $423K, or 23%.
Who is ROSS Companies?
ROSS Companies, founded in 1983 in Bethesda, Md., is a recognized leader in multifamily acquisitions and investment, development, property management and renovation. With a managed portfolio of more than 10,000 apartment homes in more than 30 communities, the privately held company is one of the most active multifamily real estate firms in the Mid-Atlantic region, and is recognized for its ability to add value to communities and to drive high levels of resident satisfaction. In early 2019, it was announced that 9 ROSS-managed apartment communities had been awarded the Apartment Ratings’ Top Rated Award for 2018, 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.