December 7, 2022
Multifamily investment firm Ashcroft Capital has acquired Halston Paces Crossing in the Atlanta suburb of Norcross, Ga. The 260-unit, garden-style community, formerly Paces Crossing, represents Ashcroft’s 11th multifamily property in the Atlanta market, and the third rental property acquired in the fast-growing suburb of Norcross.
“Given the volatility and uncertainty in capital markets, a key challenge was agreeing to a price and terms that were acceptable to both buyer and seller,” Bill Kay, managing director of capital markets for Ashcroft Capital, told Multi-Housing News.
“We worked closely with all parties to find common ground and satisfy everyone’s objectives in the transaction.”
Completed in 2001, Halston Paces Crossing features one-, two- and three-bedroom layouts averaging 1,140 square feet in size. About 80 percent of the units are two- and three-bedroom apartments. Approximately 75 percent of homes have been renovated, with the rest of the apartments remaining in original condition. Features and finishes of units include walk-in closets, high-speed Internet access, washer-dryer hookups, air conditioning and ice makers.
A fitness center is among the leading common-area amenities of the property.
View the full press release here.