ROSS Management Lands 1,200-Unit Portfolio
Three properties are located in a Washington, D.C., suburb, and a fourth is in Richmond, Va.
Bethesda, Md.—ROSS Management Services has taken over management duties at four Mid-Atlantic communities owned by Michael Kohn, adding almost 1,200 units to the company’s portfolio. Three of the properties are located in Temple Hills, Md., a suburb of Washington, D.C.’s, and the fourth is situated in Richmond, Va.
Located at 603 Westover Hills Blvd. in Richmond, the 372-unit Ashton Square was acquired by the Kohn Family Portfolio in late 2014 from Weinstein Properties for approximately $14 million. Completed in 1962, the community offers 177 one-, 177 two- and 18 three-bedroom units ranging between 520 and 1,043 square feet. According to Yardi Matrix, the 11-building community sits on an 11.1-acre lot and features a fitness center, a swimming pool, 550 parking spots and four laundry facilities.
The 390-unit South Pointe last traded in late 2015 for $36 million. Located at 2603 Southern Ave. in Temple Hills, the community was completed in 1949. Offering 210 one-bedroom, 175 two-bedroom and five three-bedroom units, South Pointe was previously managed by Reynolds Asset Management. The 12-building property sits on an 11.1-acre lot and features 500 grade-level parking spaces.
Marlow Garden and Tower, also known as Marlow Plaza, is located at 2900 Saint Clair Drive in Temple Hills and encompasses 257 apartments. Built in 1960, the property offers 124 one-bedroom, 129 two-bedroom and four three-bedroom units with an average overall size of 731 square feet. Situated on a 5.9-acre lot, the nine-building property features a swimming pool, 325 parking spots, 15 laundry facilities and above-standard ceiling heights.
Marlow Heights is located at 4223 28th Ave. in Temple Hills and encompasses 172 units—78 one-bedroom, 86 two-bedroom and eight three-bedroom apartments. Built in 1950, the property was acquired by Michael Kohn in March 2015, together with Marlow Garden and Tower, for a combined $29.5 million.
Image courtesy of Yardi Matrix