Cedar Grove Capital, ROSS Take Over Chesterfield Apartments

Winston-Salem, N.C.—Cedar Grove Capital and ROSS Management Services, the property management arm of ROSS Cos., have teamed up to acquire Chesterfield Apartments, a community in the West Winston-Salem submarket. ROSS will serve as the management partner for the property, which includes 294 units across nine buildings.

Chesterfield Apartments, 3411 Old Vineyard Road, Winston-Salem, N.C.

The team will also upgrade select apartments in order to improve the community quality. Chesterfield Apartments was last updated in 2010, and the team wants to make sure the community is on par with the rising demand for quality housing in Winston-Salem.

“Cedar Gove Capital plans to make critical repairs to interior and exterior aspects of the community. Among the exterior improvements planned include mechanical, electrical and plumbing systems. Interior upgrades will include upgraded appliance packages, refreshed painting and flooring and bathroom improvements,” Aaron Gorin, managing partner at Cedar Grove Capital, told MHN.

The buildings offer two- and three-bedroom homes ranging in size from 882 to 1,097 square feet. Amenities include a swimming pool and playground.

ROSS, who Gorin said has been a “trusted partner of Cedar Grove Capital for all of its Mid-Atlantic acquisitions and improvements,” will also manage the community’s online presence and boost its advertising, as well as improve onsite operations with technology-enabled services like online and mobile rent payment, service requests and account management.

“The introduction of our suite of technologically advanced services will be a natural fit for the city, which is becoming one of the mid-Atlantic region’s meccas for technological growth,” said Dave Miskovich, COO of  ROSS Cos. “Even public schools in the area have received acclaim for how they’re incorporating technology into the classroom. Residents in a tech-friendly city like Winston-Salem will expect the same from their apartment communities, and we’re going to make that a reality at Chesterfield Apartments.”

Another attractive feature of Chesterfield Apartments is its proximity to major employment opportunities and its location as a crossroads between Charlotte and Raleigh-Durham, Gorin said.

“There is no doubt that this is one of the most convenient areas of Winston-Salem to live in with nearly 40,000 jobs within a 3-mile radius and plenty of entertainment destinations nearby,”Gorin said. “Winston-Salem has morphed into a thriving and resilient economy with strong economic drivers and a diverse employer base over the past two decades. We believe Chesterfield Apartments represents a tremendous opportunity for us to offer quality housing to meet the sustainable demand coming from an ever-growing professional population.”

Winston-Salem’s employer base is spread over several professional office parks that house medical, legal and accounting firms, which will likely draw working professionals to Chesterfield Apartments. Major employers include the Forsyth Medical Center, Wake Forest Baptist Medical Center, BE Aerospace, BB&T Bank and Blue Rhino.

In addition to employment opportunities, residents will also be close to shopping and dining spots, including Hanes Mall, and entertainment venues. Winston-Salem is also known as North Carolina’s City of Arts, having the country’s first Art Council, the North Carolina School of Arts and the National Black Theatre Festival, among other galleries and museums.

Photo courtesy of Cedar Grove Capital