WINSTON-SALEM, N.C., June 9, 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 Silas Creek Apartments in southern Winston-Salem.
ROSS will serve as the management partner for the community, which features 234 apartment homes among 33 buildings. The companies will work together to upgrade 80 of the apartment homes with new interior features and the community's swimming pool.
"Winston-Salem's economy is thriving and experiencing significant job growth across a number of different industries, which is creating consistent demand for quality apartments," said Aaron Gorin, managing partner at Cedar Grove Capital, based in New York City. "Through the renovation of Silas Creek to bring its amenities and features on par with what today's residents want from an apartment community, we believe we can capture even more of this demand, adding value to the neighborhood and our portfolio."
Located near a number of strong schools, dining hot spots, retail destinations and entertainment options, Silas Creek offers a convenient lifestyle for residents. One of the most prominent nearby locales is Hanes Mall, which offers more than 200 stores and restaurants, including Macy's, Pottery Barn and Carolina Ale House. Also nearby is Bolton Park, which features a swimming pool and tennis courts, and Marketplace Cinemas. In addition, Silas Creek is just a short drive form Forsyth Community College, Parkland High School, Bolton Elementary School and I-40.
"With its proximity to quality schools, pet-friendly policies, access to public transportation, and its location near numerous dining and shopping establishments, Silas Creek Apartments offers a great living experience," said Dave Miskovich, chief operating officer for ROSS Companies, the parent company of ROSS Management Services. "We are tremendously excited about the upgrades we are implementing and about bringing our management expertise to this community, which will make Silas Creek one of the most desirable communities in the area."
The community consists of one-, two- and three-bedroom floor plans, ranging in size from 676 to 1,120 square feet. Amenities include a 24-hour fitness center, business center, laundry facilities and a playground. The apartment homes include washer and dryer connections in select units, fully equipped kitchens, private balconies with select floor plans and high-speed Internet access.
To build upon Silas Creek's rich apartment features and community amenities, ROSS will introduce an array of management upgrades to Silas Creek, including online and mobile rent payment, service requests and account management. The company will also implement online reputation management and significantly bolster the community's digital marketing and advertising efforts.
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 11,000 apartment homes in 32 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.
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SOURCE ROSS Companies