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Takeover Date: June 2017
Project Description: 410 unit garden style apartments in Forestville, Maryland
An existing third-party client engaged ROSS to take over management of an under performing asset in their portfolio previously managed by a third-party local property management company lacking sophistication, internal systems, and expertise.
Project Results:
In our first year of operations, ROSS was able to:
- Stabilize occupancy
- Improve collections
- Reduce Controllable Expenses 27.5%
- Produce year-over-year NOI growth in excess of $670K, or 86.5%.
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.