A Note From Tony Ross

Residential One celebrated its first birthday in September. We have accomplished quite a bit over the last year and are already on pace for an exciting 2017! Some of the first-year highlights:

  • Residential One earned a whopping 12 PACE awards.
  • B.E. Mason is entering the final stretch of its RAD (Rental Assistance Demonstration) conversion, including an extensive renovation, resident relocation, and partial lease-up
  • The Phyllis Wheatley YWCA is entering the final stretch of its LIHTC and LRSP (Low Rent Subsidy Program) conversion including an extensive renovation, resident relocation, and the start of LRSP funding.
  • The complete renovation of Friendly Gardens was completed on time and under budget.
  • Multiple lease-ups were successfully completed on new construction assets including Eastbrooke, Genesis, and Metro Village.
  • In addition to the aforementioned lease-ups, other properties were added to our portfolio including The Residences at Georgia Avenue, Gateway Village, and Pomeroy.
  • A new website was launched (www.res1.net).
  • Most importantly, nearly every property in the portfolio is performing better today than it was a year ago as measured by occupancy, NOI, and compliance, and our portfolio as a whole is outperforming the competition as reported by the National Apartment Association data. That is undeniable performance!

Here are just a few of the exciting things in store for us over the next year:

  • McCulloh Homes is expected to enter the Res1 portfolio later this month. McCulloh is a 350-unit RAD conversion in Baltimore.
  • Govan’s Manor is expected to enter the fold before the end of 2016. This will also be a large, 191-unit RAD conversion, and is also located in Baltimore.
  • The Day Resource Center is expected to open by mid-2017. This will be a unique property that will be owned by Howard County and operated by Res1 and VOA Chesapeake. The first floor will be a resource center and the upper floors will be residential housing.
  • Bowen Road is a new construction, LIHTC property with a tentative start date of June 2017.
  • Momentum Shady Grove is expected in 2018. It will be a newly constructed, 150-unit LIHTC property in Montgomery County, MD.
  • A voluntary reduction of a few properties in order to better dedicate our resources to existing clients and fertile opportunities in the market.
  • We are redesigning our corporate office later in 2016 or early 2017, so please pardon our mess once the time is here. Our intent with the remodel is to build an office that makes better use of space and creates a more energetic, 21st century environment.

There are numerous other possibilities and probabilities, but I don’t want to get too far ahead of myself. For now, take comfort in knowing that we continue to evolve as an organization in order to better serve our clients and the increasing demands of the industry. Change, while unpleasant at times, is an unavoidable part of evolution and growth. It’s important to embrace change as it occurs while remembering that every departure from the past creates a new opportunity in the present and future.

I would like to thank every member of the Residential One family for your hard work and dedication. I appreciate each and every one of you and am personally dedicated to creating the opportunities that await you in the future.