April 13, 2020
ROSS Companies 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. It 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.
“This alliance will enable us to enhance resident satisfaction, maximize financial performance, and create the groundwork for future opportunities between our organizations,” said David J. Miskovich, CEO of ROSS Management Services.
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 $40,000 per unit being budgeted on interior, exterior and amenity improvements.
For comments, questions or concerns, please contact Paul Bubny