Publications

Transactions - OCTOBER 11, 2019

ROSS buys community in Richmond opportunity zone

by Released

ROSS Cos. has acquired Hampstead Apartments, a 98-unit community in an opportunity zone within Richmond, Va. Mission Bay Investment sold the property for $7.2 million

ROSS Cos. has begun to employ a $3 million repositioning and rebranding program for the community, which includes renovating the apartments in an effort to meet consumer desires for new contemporary housing in a popular, convenient location. Hampstead Apartments (which will be rebranded under a new name) is nestled in a newly developed section of Richmond called Libbie Mill – Midtown. Libbie Mill – Midtown is an 80-acre mixed use space offering retail, restaurants, offices, trails, and a world-class library.

"Given its prime location, Hampstead Apartments is an exciting investment opportunity for us" said Dave Miskovich, CEO of ROSS Cos. "We believe the extensive capital improvements program that we will be undergoing will put Hampstead Apartments directly in line with the demands of today's savvy apartment consumer, who are seeking sophisticated, highly functional apartments."

This 98-unit community consists of 2-bedroom apartments. Renovation will include creating an open living, dining, kitchen concept, installing luxury plank flooring, and completely new kitchens and bathrooms. There will also be wide-spread exterior upgrades to the building fascia, landscaping and signage.

Forgot your username or password?