CHARLOTTE, N.C., July 19, 2016 /PRNewswire/ -- ROSS Management Services, a leader in multifamily property management in the Mid-Atlantic region, and Cedar Grove Capital today announced the acquisition of Montclaire Estates, a 301-unit, 26-acre apartment community in southern Charlotte.
ROSS will serve as the management partner for the community, which features studio, one-, two- and three-bedroom apartments among 36 buildings. Cedar Grove will undertake a number of upgrades, such as the installation of new lighting, cabinets, counters and appliances in kitchens and bathrooms. Improvements also will include new flooring and windows in select units, and the repair of normal wear and tear on the parking-lot surface.
"Charlotte continues to experience a high rate of job growth, and the zip code for Montclaire Estates is the fastest growing zip code in all of Charlotte," said Aaron Gorin, managing partner at Cedar Grove Capital, based in New York City. "The population of the area surrounding Montclaire Estates has increased by 25 percent since 2010, with projections calling for that population to grow by another 13 percent before the end of the decade. We are excited to capitalize on this growth. Clearly, this city and this submarket will experience consistent, long-term demand for quality apartment homes, and we believe this well-located community will capture a significant portion of it through its enticing amenities and convenient services."
Montclaire Estates sits within walking distance of the LYNX Blue Line light rail, giving residents immediate access to a wide range of employment and entertainment destinations throughout the city, including Uptown, the city's main business district and the location of numerous restaurants, art venues, shopping options and sporting events. The community, which is also near both I-77 and I-485, is equidistant from two of the city's largest employment nodes, the Steele Creek manufacturing and industrial area (60,000 jobs) and SouthPark (40,000 jobs). The nearby SouthPark neighborhood has one of the highest concentrations of retail destinations in the city and includes the 1.6 million-square-foot SouthPark Mall, which features Neiman Marcus. Additional retailers that can be found in SouthPark Mall include Abercrombie & Fitch, Belk, Crate & Barrel, Macy's and Pottery Barn.
"Charlotte is an exceptionally vibrant city, and Montclaire Estates offers an outstanding living experience in the heart of this exciting area," said Dave Miskovich, chief operating officer for ROSS Companies, the parent company of ROSS Management Services. "We are excited to partner with Cedar Grove on yet another community, our ninth such partnership in the last year alone. Our goal is to provide the best resident living experience possible to further enhance the quality of the location in order to make Montclaire Estates the premier place to live in the neighborhood."
Fifty-five of the apartment homes have a townhome-style floor plan, and the units range in size from 525 to 1,270 square feet. Amenities include a fitness center, swimming pool with sundeck, picnic and grilling area, playground, cyber café and dog park. The apartment homes include washer and dryer connections, wood-burning fireplaces in select units, private patios and balconies, fully equipped kitchens and breakfast bars, walk-in and linen closets, and ceiling fans.
To further enrich the living experience at Montclaire Estates, ROSS will implement a number of operational upgrades, including online and mobile rent payment, service requests and account management. The company also will enhance the community's online marketing and advertising campaigns, to complement an aggressive online reputation management program.
About 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 12,000 apartment homes in 36 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 28 years in business. In March, ROSS Management Services was honored for the second straight year with a National Resident Satisfaction Award from SatisFacts. In 2016, 12 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 Capital 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. Cedar Grove and its affiliates currently own and operate over 2,500 apartment homes nationwide.
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SOURCE ROSS Management Services