WINSTON-SALEM, N.C., April 6, 2016 – ROSS Management Services, a leader in multifamily property management in the Mid-Atlantic region, and Cedar Grove Capital today announced the acquisition of Chesterfield Apartments in the emerging West Winston-Salem submarket.
ROSS will serve as the management partner for Chesterfield Apartments, which feature 294 apartment homes with spacious floor plans spread among nine brick-construction buildings. Although the community was renovated in 2010, the companies will team up to institute additional upgrades to select apartment homes to bring the community on par with the escalating demand for quality housing in Winston-Salem.
“There is no doubt that this is one of the most convenient areas of Winston-Salem to live in with nearly 40,000 jobs within a three-mile radius and plenty of entertainment destinations nearby,” said Aaron Gorin, managing partner at Cedar Grove Capital, based in New York City. “Winston-Salem has morphed into a thriving and resilient economy with strong economic drivers and a diverse employer base over the past two decades. We believe Chesterfield Apartments represents a tremendous opportunity for us to offer quality housing to meet the sustainable demand coming from an ever-growing professional population.”
Nestled among several professional office parks that are home to medical, legal and accounting firms, which provide a steady pocket of employment strength, Chesterfield Apartments is perfectly situated to provide quality housing to working professionals. Among the vast employers in Winston-Salem are the Forsyth Medical Center, Wake Forest Baptist Medical Center, BE Aerospace, BB&T Bank and Blue Rhino, home to numerous local and national retailers. The city had been widely known as a manufacturing hub until the late 1990s, but since has transformed into a tech-savvy market where biomedical research, high-performance computing, advanced software development, and technology-based entrepreneurship all help drive its economic growth.
To match that tech-friendly environment, Chesterfield Apartments will receive a boost in digital presence from ROSS, which will 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.
“The introduction of our suite of technologically advanced services will be a natural fit for the city, which is becoming one of the mid-Atlantic region’s meccas for technological growth,” said Dave Miskovich, chief operating officer for ROSS Companies, the parent company of ROSS Management Services. “Even public schools in the area have received acclaim for how they’re incorporating technology into the classroom. Residents in a tech-friendly city like Winston-Salem will expect the same from their apartment communities, and we’re going to make that a reality at Chesterfield Apartments.”
In addition to numerous employment opportunities, residents of Chesterfield Apartments will have easy access to a host of shopping and dining destinations, including Hanes Mall, as well as entertainment venues. Also known as North Carolina’s City of the Arts, Winston-Salem is home to the nation’s first Art Council, the highly acclaimed North Carolina School of Arts and the National Black Theatre Festival, in addition to several galleries and museums in the downtown sector.
The community consists of 2- and 3-bedroom apartment homes, ranging from 882 to 1,097 square feet, and a variety of amenities, including a swimming pool and a playground. Apartment features include spacious closets, air conditioning, dishwashers, balconies and patios and washer and dryer connections with select floor plans.
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 2016, ROSS Development & Investment is celebrating its 33rd anniversary and ROSS Management Services is celebrating 27 years in business. In 2015, 19 ROSS-managed apartment communities were awarded the Apartment Ratings’ 2015 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.
