December 7, 2023


Midtown 501’s Story Unfolds in Chapel Hill

Midtown 501, the Ashcroft Value-Add Fund III’s inaugural property in Chapel Hill, North Carolina, has demonstrated significant progress since its acquisition in December 2022. Managed by our in-house teams at Birchstone Residential, the property has benefitted from our unique value-add plan.

Key updates at Midtown 501

  • A healthy occupancy rate of 91.1%, with ongoing efforts to boost this figure before the holiday season
  • Lease renewals have seen an encouraging increase of approximately 9.43% in Q3
  • Major capital expenditure projects completed, enhancing the property’s appeal and functionality

For further details on the renovations, view the Midtown 501 update video above, highlighting the latest developments at Midtown 501 and its position in one of the top 20 US markets.

As we move forward, all three deals within AVAF3 are now closed and generating cash flow, with value-add plans actively being executed.

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