BETHESDA, MD - ROSS Companies, respected as one of the premier owners, property managers and renovators of multifamily communities in the Washington, DC metro area, is partnering with real estate investment company Federal Capital Partners (FCP) to recapitalize six ROSS apartment properties totaling 2,044 rental units, with financing by Wells Fargo and Fannie Mae.
Under the terms of the transaction, ROSS Companies retains an ownership interest and will continue providing property management and renovation services.
"We turned to FCP because of the synergies of operational and financial skills we both bring to the table," says Scott Ross, President of ROSS Development & Investment and ROSS Renovation & Construction. "Our combined local knowledge and valuable community relationships make this a perfect partnership for us and ensure this venture's success."
Adds ROSS Companies COO David J. Miskovich, "Our Company is dedicated to creating a quality living experience for our residents and value for our partners. This partnership will enable us to enhance resident satisfaction, maximize financial performance, and create the groundwork for future opportunities between our organizations."
The recapitalization value of this portfolio, which includes a high-rise community in Northern Virginia and five garden-style communities in Maryland, is more than $200 million, making this the largest apartment portfolio transaction in the Washington, DC area in 2014.
Source: ROSS Companies / #Apartments #Multifamily