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Takeover Date: January 2016
Project Description: 1,446 unit garden style apartments in Prince George’s County, Maryland
ROSS assumed management of a four-community portfolio with properties on the county’s distressed asset list. The assets were running on negative cash flow and crippled by major deferred maintenance issues. Challenges included hundreds of outstanding violations and a heavy crime component with gang participation in drug and human trafficking. The client, who owns more than 20,000 units in multiple states, placed their only DC metro holdings under ROSS’ direction to turn these communities around. Within the first year, these four communities became the largest grossing assets, on a per unit basis, in their entire 20,000-unit portfolio. Below are some of the major operational achievements driving this success:
- Occupancy improved from 84.22% to 95.78%
- Net Effective Rent has grown 12.87%
- NOI has grown 76.35%
- Delinquency is down 60% and is now less than 7% of Gross Potential
- Crime has been significantly diminished
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.