The ROSS Companies facilitates the acquisition of a 152-unit community and will also assume property management
NEWPORT NEWS, Va., April 9, 2020 /PRNewswire/ -- ROSS Companies, a leader in multifamily acquisition, property management and renovation in the Mid-Atlantic region, today announced it has assisted in the acquisition by Allagash Opportunity Zone CRE Fund I of Woodlands at Oyster Point, a 152-unit community in Newport News, VA with ROSS Management Services as the managing agent.
The acquisition of Woodlands at Oyster Point marks the start of a new alliance with Allagash Opportunity Zone Partners LLC, the manager of the Fund, as well as ROSS' most active participation in an Opportunity Zone investment. Founded in 2018, Allagash manages private equity real estate funds which focus on adding value to multifamily properties in low- and moderate-income communities in order to maximize both returns for their Fund investors and benefits for current community members. ROSS Companies is a recognized leader in multifamily acquisitions and investment, development, property management, and renovation.
"Our Company is dedicated to creating a quality living experience for our residents and value for our partners. This alliance will enable us to enhance resident satisfaction, maximize financial performance, and create the groundwork for future opportunities between our organizations," says David J. Miskovich, CEO of ROSS Management Services.
"The shared core values of Allagash and ROSS is producing an extremely productive alliance. As a result, we look forward to continuing to provide capital together with ROSS into LMI communities in a profitable and socially thoughtful manner," adds Tony Barkan, CEO of Allagash.
Over the next year, ROSS will oversee a renovation program to upgrade Woodlands at Oyster Point to meet the growing demand for affordable quality housing in a convenient location. The renovation program includes a substantial repositioning strategy with $40K per unit being budgeted on interior, exterior and amenity improvements.
Woodlands at Oyster Point is nestled in a newly developed section of Newport News and is in close proximity to City Center at Oyster Point, a brand-new shopping center boasting an abundance of retail shopping, fine dining, Class A office space, a movie theater and more!
"Woodlands at Oyster Point offers Allagash the perfect opportunity to purchase an underperforming and under-maintained property in an improving neighborhood and renovate the property in order both to provide affordable quality housing for current community residents and to provide an excellent return on capital for our investors," explains Mr. Barkan.
"Our management will focus on enhancing the lifestyle of our residents with a customer- and technology-centric approach," said Mr. Miskovich. "As with all communities we manage, we will build strong personal relationships with our residents, focusing heavily on customer satisfaction to make living at Woodlands at Oyster Point a truly outstanding experience."
About ROSS Companies
ROSS Companies was founded in 1983 in Bethesda, Md., with a commitment to becoming the premier owner, operator and renovator of multifamily communities in the Mid-Atlantic region. Today, ROSS Companies is widely respected as a local authority and has partnered with some of the world's most prestigious equity and investment firms. ROSS Companies is a recognized leader in multifamily acquisitions and investment, development, property management and renovation. ROSS Companies is comprised of three aligned affiliates – ROSS Development & Investment, ROSS Management Services and ROSS Renovation & Construction. With a managed portfolio of more than 10,000 apartment homes in over 30 communities, this 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. Using a day-to-day, hands-on approach in dealing with critical components of multifamily acquisition, development, management and renovation, ROSS Companies has the experience and expertise to excel in management of any asset class, including "A" class high-rise, new lease-ups, existing suburban garden apartments and distressed communities.
For more information about ROSS Companies, visit Ross-Companies.com.
About Allagash
Allagash Opportunity Zone Partners LLC was founded in 2018 to offer investors a series of right-sized, cost-effective Qualified Opportunity Funds ("QOFs") over the full 10-year investment window of the Opportunity Zone ("OZ") Program. Each of the firm's multi-property funds are designed with a focused strategy, cohesive investment process, and realistic exit plan to generate compelling pre-tax returns for our investors while also achieving both the risk-control advantages of portfolio diversification and all of the tax benefits of the OZ Program. Allagash seeks to manage each fund with industry best practices. Allagash was formed by three highly experienced commercial real estate, investment management, and financial markets professionals who each have over 30 years of experience and who have worked and/or transacted together for up to 20 years. Allagash's Founders are drawing on their deep expertise investing into low- and moderate-income ("LMI") communities to create funds whose returns are based upon a formula of identifying Opportunity Zone real estate value, buying properties opportunistically, renovating or developing intelligently, and managing stabilized properties efficiently. By providing a series of QOFs in this manner, Allagash expects to promote a win-win proposition resulting in both significant community development and consistent and repeatable opportunities for investors to accelerate the pace of their after-tax wealth generation.
For more information about Allagash Opportunity Zone Partners, visit www.allagashoz.com/
CONTACT:
Dawn Miller
Vice President of Marketing
ROSS Management Services
Tel. 240.235.1231
[email protected]
SOURCE ROSS Management Services
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