NEWPORT NEWS, VA - ROSS Companies, a leader in multifamily acquisition, property management and renovation in the Mid-Atlantic region, 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."