Metro Fort Lauderdale Community Adds 360 Homes to Firm’s Florida Portfolio

COCONUT CREEK, Fla., Dec. 8, 2023 /PRNewswire/ — Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Cocoplum, a garden-style community located midway between Boca Raton and Fort Lauderdale. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community and will oversee its upcoming improvements. The acquisition marks Ashcroft’s entry into the South Florida market.

Elliot Cocoplum (formerly Advenir at Cocoplum), which features 360 apartment homes and townhomes, marks Ashcroft’s 10th apartment community within Florida. The community was acquired with equity from Ashcroft and affiliates in a partnership with Peaceable Street Capital.

“The Fort Lauderdale metro is one of the most popular destinations for relocation in the nation, as residents continue to migrate from several pockets of the U.S.,” said Frank Roessler, founder and CEO of Ashcroft. “The metro has experienced a population growth of 13% since 2010, which bodes well for the long-term health of the regional apartment market. While new construction in the area has focused on high-density product, we believe that considerable demand still exists for low-density, garden-style products such as Elliot Cocoplum. We’re confident the quiet, suburban environment—along with our upgrades and our commitment to improving the quality of our residents’ lives—will make the community a top-of-market option.”

Originally built in 1986 and situated at 4142 Cocoplum Circle, Elliot Cocoplum offers one-, two- and three-bedroom homes ranging as large as 1,495 square feet, with townhomes accounting for nearly 50% of the units. Existing amenities include two swimming pools, a resident clubhouse and business center, fitness center, outdoor kitchen and a dog park.

Ashcroft’s renovation efforts will include a comprehensive update and modernization of the amenity spaces, improved curb appeal, updated landscaping and signage, and the implementation of electric vehicle charging stations. In-home improvements will include the additions of stainless-steel appliances, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, a smart home technology package, matte black hardware and private yards for select ground-floor units. Additionally, hard-surface countertops will be implemented in select homes.

“Because of its strong history of institutional ownership, the property has received regular capital improvements since its inception and was delivered in superb condition,” said David Deitz, president of Birchstone Residential. “That said, we believe we can further modernize the community and deliver outstanding customer service to provide an even more attractive option to discerning renters. We look forward to joining the submarket and offering a best-in-class experience.”

In addition to Florida, Ashcroft owns communities throughout Texas, Georgia and North Carolina. The company is actively pursuing additional markets in the Sun Belt.

About Ashcroft Capital

Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that currently owns and manages 14,000 units – totaling $2.6 billion in value – throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros. Ashcroft is driven by a focused mission to improve the quality of life of the residents at each community in its portfolio.

About Birchstone Residential

Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance, and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.

If you are interested in reviewing our current offering, please visit https://info.ashcroftcapital.com/fund, or schedule a call with our Investor Relations Team at investorrelations@ashcroftcapital.com. We look forward to the opportunity to work with you and align our investment interests.   

Why should you care about AVAF3’s Elliot Cocoplum? 

We reviewed over 150 potential deals for the Ashcroft Value-Add Fund III (AVAF3) and chose Elliot Cocoplum as the final property for the fund. 

Elliot Cocoplum is a 360-unit property in Broward County, an infill market between Boca Raton and Fort Lauderdale, with many value-add opportunities to take advantage of.  

The property was built in 1986/87, making it an ideal location to modernize the amenities and renovate the units to a high-end scope. 

Concrete block construction provides several benefits that directly impact NOI:  

1. Noise reduction maintains strong occupancy rates.  
2. Maintenance costs are reduced.  
3. Insurance costs are lower due to the durability and strength of construction.  
4. Can withstand some of the harshest conditions Mother Nature has to offer.  

Reducing expenses like maintenance costs and insurance, while increasing occupancy rates, helps grow net operating income making a property more profitable. 

This multifamily community provides the unique opportunity to invest in an asset with both townhome units and traditional apartment style units.  

Did you say already renovated? 

When the property was acquired, the previous owner had already renovated 60% of the units to a higher end scope. This included the addition of new granite countertops, backsplashes, stainless steel appliances, cabinet fronts, light fixtures, and plumbing upgrades.  

These units are now achieving $200 in rent premium compared to the classic units.  

The acquisition of the property was finalized in September. Since then, our in-house property management company has proceeded with the Value-Add Business Plan for the property. 

The first thing to note is occupancy.  

When Elliott Cocoplum was under the seller’s watch, the 60-day occupancy fell to 85%.  

Since taking over the onsite team, the 60-day occupancy trend has risen back to 90%.  

Warm weather still plays a role in this submarket. Seasonality in the Fort Lauderdale market shows that the leasing season tends to pick up in the fall and winter months. Meaning, this property is poised to recover quickly.  

Our new property manager has worked in the Coconut Creek market for over 15 years and is confident that this property can get up to 95% occupancy and stay there. 

Amenities that will keep residents coming back. 

In other news, the renovation test units should be complete by next month, with one of those ultimately becoming the permanent model unit.  

A pre-construction meeting has already been held regarding roof replacements, one of the first large projects we’re going to do on this property.  

With a property of this size, it’s pretty common for a roof replacement to take about four months. In preparation, we have begun tree trimming throughout the property. 

A second pre-construction meeting was also held to discuss further exterior improvements to be completed at the property, such as: 

• Resurfacing the pool 
• Installing LED lighting  
• Building private fenced in yards  
• Replacing the pond fountain, Painting the exterior 
• Adding a dog park  

These projects will begin after the roof replacements are completed.  

Permanent signage is in the approval stage with the township and city. Once we receive that approval, we can then begin the scope of that work.  

In the meantime, the township has been replacing the landscaping along the frontage to enhance the curb appeal on the property. 

And last, the new designs for the amenity spaces are now complete and in the hands of the contractors providing bids. We expect to get these bids back in about two weeks. Work will begin sometime in November.  

Here are some questions from savvy investors just like you: 

What is the financing you placed on this property? 

• Put fixed agency debt on the property. 
• The loan amount is 65% of the purchase price. 
• Fixing the interest rate mitigates the risk of further interest rate rises. 
• Loan to value will decrease, helping to preserve capital. 
• Not adding additional debt increases the value and therefore overall cash flow 

Why was the current owner selling? 

• Dome Equities was looking to close out their fund and needed to sell. 
• Our relationship with the sellers gave us a leg up on the competition. 
• They had a second property they wanted to sell, Halston Lakeside in AVAF3 
• Pursuing a portfolio deal resulted in a lower overall purchase price for both properties. 

If you would like to learn more about investing in our current fund, schedule a call with our Investor Relations Team. 

 

On October 10, 2023 Ashcroft Capital, a fully integrated multifamily investment firm, announced the acquisition of Halston Lakeside, a garden-style community in one of the fastest-growing regions on the Gulf Coast. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community.

Halston Lakeside (formerly Advenir at Gateway Lakes) features 358 apartment homes and marks Ashcroft’s first multifamily property in Sarasota and its ninth apartment community within Florida. The acquisition was completed through a new joint venture partnership with Iviron Capital.

“The Sarasota market aligns well with our Sun Belt growth strategy,” said Frank Roessler, founder and CEO of Ashcroft. “This is a region with a tremendous amount of favorable multifamily fundamentals. The metro ranked fourth in the nation for net in-migration in 2022 and has seen its population rise over 4% in the past three years. It also was not a difficult expansion for Ashcroft due to our existing multifamily presence in Tampa. Halston Lakeside represents a great opportunity for our management company, Birchstone Residential, to improve the quality of life for both existing and new residents through the implementation of our value-add business plan and excellent customer service.”

Halston Lakeside, which was initially built in 1996, offers one-, two- and three-bedroom homes with an average unit size of 968 square feet. Existing amenities include a resort-style swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground, dog park and sports court.

“Iviron is very pleased to partner with Ashcroft on this transaction in one of Florida’s most attractive residential markets,” said Thomas Christopoul, co-founder and managing partner of Iviron Capital. “Ashcroft’s capabilities, track record and company culture are true differentiators, and we expect Halston Lakeside to be an exceptional community for its residents and a profitable venture for its investors. We look forward to pursuing more opportunities together.”

Ashcroft’s renovation efforts will include a complete update and modernization of the amenity spaces, adding EV charging stations, improved curb appeal and upgrades to landscaping and signage. In-home renovations will include the additions of stainless-steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, matte black hardware, a smart home technology package and private yards for select ground-floor homes.

Situated at 1000 Marlin Lakes Circle, Halston Lakeside sits just west of Interstate 75, which provides residents with expedient access to the key employment hubs in Tampa/St. Petersburg to the north and Ft. Myers/Naples to the south. Residents also have prime access to downtown Sarasota, Sarasota’s local beaches, Sarasota Bradenton International Airport and University Town Center, which features more than 4 million square feet of high-end retail and various dining options. All are within a 20-minute drive from the community.

“The property has had a strong history of institutional ownership,” said David Deitz, president  of Birchstone Residential. “The previous owner dedicated a substantial amount of capital to improvements. We believe we can take the next step and create a further modernized community that features higher-end finishes. We also believe the addition of tech packages to all units and private yards to select homes will further increase its appeal.”

In addition to Florida, Ashcroft owns communities throughout Texas, Georgia and North Carolina. The company is actively pursuing additional markets in the Sun Belt.

About Iviron Capital Partners
Iviron Capital is a private real estate investment partnership focused on deploying capital with institutional developers and content providers such as hospitality brands, cuisine platforms, health and wellness firms and other amenity partners. Iviron invests in differentiated developments and value-add properties in core urban, suburban and resort markets across North America, Hawaii and the Caribbean. Investments are made on a proprietary basis and can represent different securities.

The firm enjoys an extensive track record over the past decade of investing profitably in multifamily, hospitality and mixed-used properties, representing more than $4.5B in total transaction value. Iviron maintains offices in Coral Gables, Fla., and is financed by the firm’s partners, high net worth family offices and Guggenheim Partners Investment Management, with whom the company has a more-than-10-year relationship.

About Birchstone Residential
Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance, and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.

About Ashcroft Capital
Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that currently owns and manages 14,000 units – totaling $2.7 billion in value – throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros. Ashcroft is driven by a focused mission to improve the quality of life of the residents at each community in its portfolio.

If you are interested in reviewing our current offering, please visit https://info.ashcroftcapital.com/fund, or schedule a call with our Investor Relations Team at investorrelations@ashcroftcapital.com. We look forward to the opportunity to work with you and align our investment interests.   

By: Evan Polaski, Investor Relations Managing Director

Florida is experiencing rapid population growth, while maintaining an unemployment rate of 2.2%, below the national average of 3.5%. The state has exceeded the national job growth rate for the last 21 months. Florida’s “Florida 2030” plan aims to strengthen communities and businesses in all 66 counties. The state is adding 1,000 residents a day and is forecasted to create more than 250,000 jobs in 2023–continuing to be one of the top states leading job creation.[1] 

Ashcroft Capital has identified two exceptional investment opportunities, Gateway Lakes and Cocoplum, as the second and third assets in the Ashcroft Value-Add Fund III (AVAF3) portfolio. These properties offer a unique combination of regional and economic benefits, making them attractive for investors seeking to capitalize on high-growth markets, quality construction, and a robust business plan. In this article, we will delve into the details of these properties and explore why Ashcroft Capital is investing in Gateway Lakes and Cocoplum multifamily properties. 

 

Location, Location, Location 

Gateway Lakes and Cocoplum are located in high-growth markets with thriving economies and rapidly growing populations. This population growth is fueled by diverse industries, including technology, healthcare, and finance, creating new job opportunities and attracting skilled workers. Both properties are strategically located near major employment centers, providing residents easy access to job opportunities and contributing to the strong demand for rental properties in these areas.  

Gateway Lakes is near the University Town Center, one of the largest retail centers in Sarasota, and the Sarasota Memorial Hospital. Sarasota is also home to white sand beaches with over 120 parks and trails spread over 3,000 acres. As one of the fastest-growing metros in the country, Sarasota ranked 4th in the nation for net immigration in 2022, and the population has increased by 4.2% since 2020, outpacing the national average of 0.4% during that same time period. This explosive growth is expected to continue as the 5-year forecast projects a population increase of 13.1%, including a 9.3% increase in residents within the 18 to 35 age range, compared to 2.6% nationally.[2] 

Cocoplum’s location within the Ft. Lauderdale metro continues to benefit from significant net immigration, with residents relocating from all areas of the nation. The city has seen its population grow more than 14% since 2010.[3] With its relative affordability, quality of life and tax-friendly environment, major companies such as Citadel, Blackstone, Microsoft, Starwood Capital, and Uber are among hundreds of companies that have relocated to the South Florida region. With the influx of corporations and businesses relocating to Broward County, the economic base expanded 2% year-over-year in 2022, which has kept unemployment below 2.5%, outpacing the nation.[4] 

Additionally, both properties are near top-rated schools, further enhancing their appeal to families and young professionals. Both properties have demonstrated consistent rent and occupancy growth over the past few years, reflecting the strong demand for quality housing in their respective markets. Furthermore, this trend is expected to continue as population and job growth in these areas drive further demand for rental properties. 

 

 

 

Opportunities for Property Renovation and Improvement 

Gateway Lakes and Cocoplum boast high-quality concrete block construction that withstands high winds, is better insulated, and minimizes noise. Both properties offer residents a range of amenities and have been well-maintained, with the previous owner investing in upgrades and improvements to enhance their appeal to residents. Built in 1996, Gateway Lakes offers 358 units with an average size of 968 square feet and is 96.1% occupied. Cocoplum, built in 1986/87, consists of 360 units with an average size of 1,134 square feet and is 94.2% occupied.  

Gateway Lakes and Cocoplum offer significant opportunities for vertical integration through targeted renovation and improvement plans. These properties can further increase their market competitiveness and rental income potential by investing in strategic property enhancements, such as upgrading apartment interiors, modernizing amenities, and improving curb appeal. This vertical integration strategy allows investors to maximize the value of their investment and generate strong returns over time. 

Since 2017, the current owner of Gateway Lakes spent more than $4 million on capital expenditures, including new roofs, exterior paint, amenity enhancements, and light unit upgrades. To better compete with the neighboring properties in the area, Ashcroft Capital’s business plan includes fully upgrading all common areas and amenities to a best-in-class finish. Furthermore, the clubhouse, fitness center, pool areas, and other features are expected to be significantly improved to elevate the property’s overall quality. Current ownership has renovated five units to a full luxury renovation scope, achieving premiums of around $250/per month over their “classic condition” units. This provides Ashcroft Capital the opportunity to bring the remaining 353 units to a luxury-level finish by upgrading the units to include wood-style flooring, quartz countertops with an under-mount sink, stainless steel appliances, subway tile backsplash, new cabinet fronts, updated fixtures and hardware, and a modern lighting package. [the above sentence could be shown along with the before and after photos] Additionally, we plan on installing private backyards to select units. Renovated rents at the property are projected to remain below the immediate comp set, leaving further upside potential.  

Since 2017, the current owner of Cocoplum spent more than $5 million on capital projects such as roof repairs, exterior paint, and amenity enhancements. However, the now-dated common areas will benefit from significant upgrades to provide residents with a best-in-class amenity package. To better compete with the neighboring properties in the area, Ashcroft Capital will fully upgrade all common areas and amenities (i.e., fitness center, clubhouse, etc.) to a best-in-class finish that will further elevate the property’s overall quality. The current owners have also begun an interior renovation program with 227 units (62%) that have been upgraded and are achieving premiums of $200-$250 per unit. Additional upside remains through adding new lighting, subway-tile backsplash, and other upgrades, which will command an additional premium. The remaining 133 units are a mix of partially renovated and classic condition units, which Ashcroft Capital will renovate to include wood-style flooring, quartz countertops with an under-mount sink, stainless steel appliances, subway tile backsplash, new cabinet fronts, updated fixtures and hardware, and a modern lighting package. [the above sentence could be shown along with the before and after photos] Given Ashcroft’s conservative approach, our projected renovated rents at the property are still below other nearby properties, leaving further room for additional upside.

The renovation and improvement plans for Gateway Lakes and Cocoplum are designed to create significant value for investors by enhancing the properties’ market competitiveness and rental income potential. By providing residents with a comfortable and luxurious living environment and desirable amenities, these properties are well-positioned to attract and retain high-quality tenants, ensuring stable rental income for investors. 

 

 

Ashcroft Capital’s Investment Business Plan 

Ashcroft Capital’s primary focus is on capital preservation, ensuring that our investors’ capital is protected and secure. Investing in high-quality properties, like Gateway Lakes and Cocoplum, minimizes the risk of capital loss and provides our investors with a stable, income-generating asset. Our conservative underwriting approach and rigorous due diligence ensure we aim to invest in properties with strong fundamentals and long-term growth potential. 

Timing is crucial in real estate investment, and Ashcroft Capital carefully selects deals that offer the right combination of risk and reward. With Gateway Lakes and Cocoplum, we have identified properties well-positioned to benefit from their respective markets’ strong regional and economic trends. Additionally, pricing has come down over the past 18 months, and these properties are being purchased for $204 million, representing a 5.5% cap rate on the portfolio. The cap rate is NOI divided by the purchase price. Therefore, if this portfolio were trading a year and a half ago based on the same NOI of today, it would’ve traded at a 4% cap rate about 18 months ago. If you apply that 4% cap rate to the same NOI that we’re buying it at, that would equate to roughly a $264 million purchase price. Again, we’re buying for $204 million, representing roughly a 29% discount to where prices traded 18 months ago. Our cap rate will be spread above the all-in interest rate of the loan, and this debt structuring will allow for stronger cash flow throughout the term of the hold. By investing in these properties at the right time, our investors can capitalize on the growing demand for quality housing and generate attractive returns. 

Ashcroft Capital utilizes fixed-interest loans to finance our investments, providing our investors with predictable and stable cash flows. By locking in favorable interest rates, we can minimize the impact of interest rate fluctuations on our investments and ensure consistent returns for our investors. This conservative financing approach further enhances the stability and security of our assets, making Gateway Lakes and Cocoplum an attractive opportunity for investors seeking a reliable income stream. 

Gateway Lakes and Cocoplum present a compelling investment opportunity for investors seeking to capitalize on the regional and economic benefits of high-growth markets, quality construction, and a robust business plan. By investing in these properties, investors can benefit from strong rent and occupancy growth, capitalize on opportunities for vertical integration, and enjoy the stability and security of a well-structured investment. 

 

 

Ashcroft Capital’s Real Estate Fund 

Ashcroft Capital has a proven track record of success in the real estate investment industry, having acquired over $2.7 billion in assets and managing a portfolio of more than 13,000 units. This experience and expertise provide investors with confidence in Ashcroft’s ability to identify and capitalize on exceptional investment opportunities, like Gateway Lakes and Cocoplum. Our disciplined approach to underwriting and asset management ensures that each investment is carefully evaluated and managed to maximize returns for investors. As our investors know, we have a track record of selling 26 deals for an average return of 25.6% to our investors. 

The regional and economic benefits of Gateway Lakes and Cocoplum, combined with Ashcroft Capital’s expertise and proven track record, make these properties a great investment for investors. By investing in these properties, investors can capitalize on the strong market fundamentals, attractive location benefits, and significant value-add potential, while enjoying the stability and security of a well-structured investment managed by an experienced real estate investment firm. 

Real estate funds like the Ashcroft Value-Add Fund III (AVAF3) differ from syndications by investing in multiple properties rather than a single deal. The fund is structured so that investments are allocated across multiple properties, creating diversified sources of return. 

The AVAF3 is an open private placement fund for accredited investors interested in diversifying their investment portfolios into multifamily real estate. The minimum investment is $25,000 and investors can invest in Class A and/or Class B Limited Partnership Interests. The AVAF3 is targeting 6-10 multifamily properties throughout the Sunbelt region with an anticipated hold of 5-7 years. 

The AVAF3 offers both Class A and Class B share types. An investment in Class A shares earns a 9% coupon, generating strong projected cash flows while reducing risk. Upon disposition of a property in the fund portfolio, Class A shares offer limited distributions in exchange for the higher coupon rate. Class B shares earn a 7% coupon. However, Class B shareholders have greater overall return potential through their participation in the disposition of fund properties.  

Start your investment in the AVAF3 today.

If you still have questions please schedule a call with our Investor Relations Team.

evan@ashcroftcapital.com

Sources:

1. Florida Attracting People, Business at A Fast Pace. businessfacilities.com™. (n.d.). Retrieved June 14, 2023 from https://businessfacilities.com/florida-attracting-people-business-at-a-fast-pace.
2. CoStar, 7 February, 2023, https://www.costar.com/article/384748660/us-residents-flocking-to-florida-send-rent-and-home-prices-soaring.
3. 2020 Florida Population Growth. fdot.gov™. (n.d.). Retrieved June 16, 2023 from https://fdotwww.blob.core.windows.net/sitefinity/docs/default-source/planning/demographic/2020popsum.pdf?sfvrsn=8c77f8b0_2#:~:text=Since%20the%202010%20Census%2C%20Florida’s,14.9%25%20over%20the%20time%20period.&text=Figure%201%20depicts%20the%202020,in%20population%20for%20each%20county. 
4. Broward County’s Year-over-Year Job Growth Trend Continues with a 36,300 Job Gain in November 2022. www.gflalliance.org™. (n.d.). Retrieved June 15, 2023 from https://www.gflalliance.org/news/2022/12/19/press-releases/broward-county-s-year-over-year-job-growth-trend-continues-with-a-36-300-job-gain-in-november-2022.

Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of The Apartments at Midtown 501, a 248-unit garden-style community in Chapel Hill, N.C. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community.

The transaction marks Ashcroft’s entry into the North Carolina market. The company also owns apartment communities throughout metro Atlanta, Texas and Florida, and is actively pursuing additional markets in the Sun Belt. In addition, The Apartments at Midtown 501 is the first property purchased through the Ashcroft Value Add Fund III, which is targeting multifamily assets in select markets throughout the Sun Belt.

“The current capital markets present challenges to our acquisition team. As such, we remain highly selective,” said Frank Roessler, founder and CEO of Ashcroft. “For this reason, we are focusing on excellent submarkets such as Chapel Hill, which is a high-growth market where we want to invest. We look forward to expanding our portfolio there. Over time, we plan to build a sizable footprint in the Raleigh-Durham–Chapel Hill area. And though we’re not in a rush, we saw Midtown 501 as too good of an opportunity to look away from.”

Located at 545 Ashley Court, The Apartments at Midtown 501 is near Highway 15-501 between Downtown Chapel Hill and I-40, which provides residents with easy access to some of the market’s top employment centers. Research Triangle Park, the University of North Carolina at Chapel Hill, UNC Medical Center, Duke University and Duke University Hospital are short commutes from the property. In addition, the surrounding school district is ranked No. 1 in North Carolina by Niche.com.

The previous owner of the community oversaw an extensive renovation of the amenities and apartment homes in 2015, which will allow Ashcroft and Birchstone to focus on making operational improvements and performing light upgrades to the property. Within the apartment homes, Ashcroft and Birchstone will install upgraded lighting and plumbing fixtures, tile backsplashes, tech packages and an overall modernization of the color scheme. Improvements to the community’s fitness center, clubhouse, pool, sports courts, curb appeal and landscaping are also planned.

“Given the current volatility in the capital markets, Ashcroft is currently focused on acquiring institutional-quality properties in extremely strong locations. That description fits Midtown 501 to a tee,” said Scott Lebenhart, chief investment officer for Ashcroft Capital. “We believe this approach will help to mitigate risk while still having the potential to capitalize on multifamily’s strong fundamentals. In the case of Chapel Hill, this is a submarket with multiple demand drivers, which is something that we look for. Combine those drivers with the limited availability of single-family homes in the area, and we believe the table is set for Midtown 501 to perform very well.”

Midtown 501 offers spacious one-, two- and three-bedroom units with an average unit size of 1,106 square feet. The apartment homes currently feature granite countertops, island kitchens, stainless-steel appliances, washers and dryers, walk-in closets and balconies/patios. Common-area amenities include a resort-style pool, grilling areas, resident clubhouse, business center, fitness center, game room, volleyball court, dog park, children’s playground and tennis court.

About Ashcroft Capital

Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired 54 communities comprising over 16,000 units since its inception and now has over $2.6 billion in assets under management throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros.

About Birchstone Residential

Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.

 

If you would like to learn more about investing in multifamily assets, visit https://info.ashcroftcapital.com/fund, or schedule a call with our Investor Relations Team at investorrelations@ashcroftcapital.com.

NEW YORK – Sept. 27, 2022 – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of four apartment communities totaling 1,080 homes in the Atlanta metropolitan area. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the communities.

The Atlanta-area communities include Halston McDonough (formerly Carrington Green) in McDonough, Ga., Halston South Point (formerly Villas at Southpoint) in McDonough, Halston Shiloh Valley (formerly Shiloh Valley Overlook) in Kennesaw, Ga., and Halston Harris Bridge (formerly Harris Bridge Overlook) in Dallas, Ga.

“In spite of capital market fluctuations, we remain bullish on multifamily based on the current and projected fundamentals within our Sun Belt metros. Because of this, we’re excited to acquire this value-add portfolio of four core-plus quality properties located in a high-growth metro in which we have an existing presence,” said Frank Roessler, founder and CEO of Ashcroft. “Additionally, this portfolio had a very strong history of institutional ownership, and the previous regime handed them off to us with minimal deferred maintenance. That said, we believe we can significantly improve the assets by updating the classic homes and further modernizing the amenity spaces.”

With the acquisitions, Ashcroft now has 10 communities in metropolitan Atlanta.

“Atlanta is a great example of the kind of Sun Belt market we want to be in,” said Scott Lebenhart, chief investment officer for Ashcroft Capital. “It’s experiencing population growth, has a diverse economy and offers a tremendous quality of life. In short, it’s exactly the kind of metro area in which renters want to be. We only entered the metro Atlanta market last year, but we’re committed to growing a significant portfolio in the area because of the rock-solid fundamentals of the apartment market there.”

The business plan will be similar at each community, as Ashcroft and Birchstone plan to fully refresh the amenity spaces, implement landscaping improvements, upgrade signage and improve overall curb appeal.

In-home upgrades will include the additions of stainless-steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, USB ports and new cabinet fronts with modern pulls. Additional improvement measures will include the addition of washer/dryer sets and the implementation of valet trash service.

Existing community amenities are similar at the properties, as each community features a swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground, laundry facilities and a sports court. Apartment interiors at the classic homes in the properties include laminate countertops, black appliances, wood-style cabinet fronts, walk-in closets, private patios or balconies and washer/dryer sets in select homes.

“All four of these assets are highly desirable given the quality and characteristics of the properties,” said David Deitz, president of Birchstone. “They will fit seamlessly into our portfolio, and we believe our in-home renovations and modernization of property features will elevate each community in the pecking order of their respective submarkets. We fully anticipate demand to significantly increase at each property.”

About Ashcroft Capital

Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired 53 communities comprising over 16,000 units since its inception and now has over $2.6 billion in assets under management throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros.

About Birchstone Residential

Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.

NORCROSS, Ga. – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Gwinnett Place (formerly Retreat at Arc Way), a garden-style community approximately 20 miles northeast of Downtown Atlanta. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community. The property was purchased through Ashcroft’s Value-Add Fund II.

The community, which features 284 apartment homes, adds to Ashcroft’s burgeoning Atlanta-area portfolio. The company now has five communities in the area, all acquired within the last year, including two within Norcross. Ashcroft also owns communities throughout Texas and Florida.

“We’re big believers in the Atlanta metro market, and will continue to grow our team and pursue opportunities in the area for the foreseeable future,” said Frank Roessler, founder and CEO of Ashcroft. “Norcross is among the fastest-growing submarkets in the area, due in part to its proximity to the city’s key employment sectors and its highly rated school districts. We look forward to implementing our value-add strategy to modernize the community and reposition it as one the most desirable options in the submarket.”

Located at 4025 Arc Way, Elliot Gwinnett Place sits less than three miles from Interstate 85, a key artery that connects to the greater metropolitan area. The community features spacious one-, two- and three-bedroom layouts and provides a quiet respite from the bustling areas of the city. It also offers easy access to the nearby offices of Comcast, Amazon, Mitsubishi and Hewlett-Packard, as well as the abundance of eateries and shops within downtown Norcross.

Ashcroft’s renovation efforts at Elliot Gwinnett Place, initially built in 1988, will include a full update and modernization of the amenity spaces, improved curb appeal and upgrades to landscaping and community signage. Within the apartment homes, Ashcroft will add stainless steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, USB ports and new cabinet fronts with modern pulls. The previous owner recently renovated approximately 25% of the homes.

Existing community amenities include a swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground and laundry facility. Existing apartment features include laminate countertops, white/black appliances, wood-style cabinet fronts, walk-in closets, private patios/balconies and washer/dryer connections. Homes renovated by the previous owner feature various upgrades, including granite countertops and stainless steel appliances.

Elliot Gwinnett Place joins Elliot Norcross, located about seven miles away at 1355 Graves Road, in Ashcroft’s Norcross portfolio.

“We are thrilled to add a second asset in Norcross, which has been a phenomenal location for us,” said David Deitz, president of Birchstone. “Our team looks forward to creating the best possible resident experience as we continue to build the brand in the area. The community already offers a stellar location, and we believe we can give it an even greater upside.”

View the full press release here.

NEW YORK – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisitions of Elliot Windsprint (formerly Windsprint Apartments) in Arlington, Texas, and Halston Park Central (formerly Savannah at Park Central) in Orlando, Fla. The two communities add a combined 576 apartment homes to Ashcroft’s growing portfolio. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the communities.

The acquisitions capped an active 2021 for Ashcroft Capital, which acquired 11 properties containing 3,513 units across three states. The properties total more than $700 million in value. The company, which also sold nine assets, is planning to be even more active in 2022.

“We grew very strategically in our target markets in 2021, and the acquisitions of Elliot Windsprint and Halston Park Central capped an outstanding year,” said Frank Roessler, founder and CEO of Ashcroft. “In 2022, we will continue to be highly selective and disciplined in our investment approach. We are targeting acquisitions of roughly 20 to 25 communities, which we estimate will represent approximately $1.8 billion of aggregate acquisition value. We will remain active in our existing markets in Florida, Georgia and Texas, while also seeking to expand into new markets in the Sun Belt region.”

Elliot Windsprint and Halston Park Central each include 288 one-, two- and three-bedroom homes with various layouts available. Approximately 30% of the homes at each community have undergone renovation, leaving significant opportunity for Ashcroft and Birchstone to add value.

Elliot Windsprint, Ashcroft’s second community in Arlington, is situated at 2305 Windsprint Way and offers expedient access to the Dallas/Fort Worth area’s thriving employment hubs. Existing amenities include a resort-style pool, clubhouse, business center, fitness center, Astroturf soccer field and a dog park.

Renovation efforts at Elliot Windsprint, initially built in 1983, will include the implementation of wood-style flooring, faux quartz countertops, stainless steel appliances, subway tile backsplashes, shaker-style cabinet fronts, updated fixtures and a modern lighting package. Ashcroft and Birchstone will also explore adding washer/dryer sets and private yards to select units.

Halston Park Central, located within the Park Central master-planned community in Orlando’s Millenia submarket, marks Ashcroft’s third community in the greater Orlando area. Based at 2691 Charleston Town Place, the community’s unique amenity offerings include several resort-style swimming pools, a two-story fitness center with yoga studio and spin room, full-size basketball courts, an onsite convenience store and a full-service bar/restaurant. Home sizes average a generous 1,213 square feet.

In-home upgrade measures at Halston Park Central, originally built in 2007, will include the addition of wood-style flooring, quartz countertops with under-mount sinks, stainless steel appliances, subway tile backsplashes, painted cabinet fronts, updated fixtures and a modern lighting package. Additionally, the clubhouse, fitness center, pool areas and other amenity areas will be significantly refreshed.

“We are excited to assume management of both of these communities, which are fantastic additions and will fit in seamlessly with our emerging portfolio,” said David Deitz, president of Birchstone. “Each community has a unique offering in its respective market, and we look forward to providing a best-in-class, quintessential Birchstone experience at each property.”

View the full press release here.

ARLINGTON, Texas – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Pioneer (formerly Monterra Pointe), a garden-style community located almost exactly halfway between Fort Worth and Dallas in Arlington. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.

The 200-unit Elliot Pioneer expands Ashcroft’s presence in Arlington (the company also currently owns LIV on the Green) and becomes the 18th community in the company’s rapidly growing Texas portfolio. Ashcroft also owns communities throughout Florida and in metro Atlanta.

“We remain very bullish about the DFW metro,” said Frank Roessler, founder and CEO of Ashcroft. “Elliot Pioneer represents a tremendous value-add opportunity in a strong submarket of Arlington. The property already has solid frontage and good proximity to many employment hubs, but we will be taking the community to the next level through our interior and exterior renovation program. Combine this with the operational improvements of our in-house property management company, and we believe we will have strong tailwinds supporting the success of our business plan.”

Situated at 2105 Cottonwood Club Drive, Elliot Pioneer is located just south of the E Pioneer Parkway. The community offers residents convenient access to a wide array of cultural, entertainment and dining options, and is also near a number of parks and outdoor activities. AT&T Stadium (home of the Dallas Cowboys) and Six Flags over Texas are among the nearby attractions, as are Waterchase Golf Club, Mountain Creek Lake and Meadowbrook Park.

Renovation efforts at the pet-friendly Elliot Pioneer, which will be performed by Birchstone’s construction team, will include addressing deferred maintenance, fully renovating the amenity and common areas and updating home interiors. In-home improvements will include upgraded countertops, new shaker-style cabinet fronts and pulls, new flooring, upgraded lighting and plumbing fixtures and new backsplashes in the kitchens.

Elliot Pioneer offers spacious one- and two-bedroom homes. Apartment homes currently feature black appliances, brushed nickel hardware, washer/dryer connections, vinyl wood-style flooring, ceiling fans and private patios or balconies. Fireplaces are available in select units.

Community amenities include a swimming pool, resident clubhouse, fitness center and ample onsite parking.

“We are excited about the opportunity to bring our expertise and customer-first ethic to Elliot Pioneer,” said David Deitz, president of Birchstone. “This is a community with so many things going for it, and we believe that under our stewardship, it will provide a truly best-in-class resident experience.”

View full press release here.

NORCROSS, Ga. – Ashcroft Capital, a fully integrated multifamily investment firm, and National Property REIT Corp. (“NPRC”), a full service REIT that invests in and operates real estate assets, today announced their acquisition of Elliot Norcross (formerly Vida Apartments by ARIUM), a garden-style community located in one of the fastest-growing submarkets in the Atlanta metropolitan area. Elliot Norcross features 687 apartment units and offers quick access to Interstate 85, one of the primary thoroughfares in the city. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed day-to-day management of the community.

NPRC, the majority equity investor in this transaction, focuses on acquiring tenant diversified real estate assets and, as of Sept. 30, 2021, owned 51 multifamily properties with over 20,000 units across the U.S. The off-market acquisition represents Ashcroft Capital’s first transaction with NPRC, and the companies are actively seeking further acquisition opportunities to pursue together. Elliot Norcross also marks Ashcroft Capital’s first acquisition in Norcross and the fourth in the company’s rapidly growing Atlanta-metro portfolio.

“We’re excited to team up on this acquisition with NPRC, which, over the past decade, has acquired 73 communities similar to Elliot Norcross,” said Frank Roessler, founder and CEO of Ashcroft. “Together with NPRC, we look forward to taking over this property because we feel it offers significant upside potential based on remaining capex and strong submarket rent growth. Only 30% of the units have been renovated, which provides the opportunity to add value by upgrading the classic units. Additionally, Norcross is becoming more and more desirable due to its proximity to Atlanta’s employment centers and its highly-rated school districts.”

Norcross has become a sought-after submarket due to its location directly amidst Atlanta’s I-85 industrial corridor, which is one of the largest industrial districts in the Southeast and represents one of the metro’s primary employment centers. Prominent employers in the Gwinnett County submarket include Comcast, Amazon, Mitsubishi, Hewlett-Packard, and Asbury Automotive.

“Elliot Norcross marks our first joint venture with a major institutional partner and represents a significant expansion of our institutional platform,” said Bill Kay, managing director of capital markets for Ashcroft Capital. “We’re eager to partner with NPRC on an asset that we believe has significant operational upside and value-add potential in a vibrant, on-the-rise submarket. Furthermore, our emerging presence in the Atlanta market gives us the manpower and the infrastructure to deliver high levels of resident satisfaction and strong asset performance across the metro area.”

Renovation efforts at Elliot Norcross, which will be executed by Birchstone’s construction team, are expected to include further updating and modernizing the amenity spaces, improving curb appeal, updating landscaping, and implementing signage upgrades. In-home anticipated improvements include the addition of stainless-steel appliances, luxury laminate countertops, tile backsplashes, vinyl plank flooring, new cabinet fronts with modern pulls, and upgraded lighting and plumbing fixtures. New management also plans to add washer-dryer sets to approximately 600 homes.

Situated across 52 acres, Elliot Norcross was built in two phases beginning in 1972, and offers spacious one-, two- and three-bedroom homes with an average unit size of 1,021 square feet. Eighty-five percent of the homes are of the two- and three-bedroom variety, including 128 townhomes. Existing community amenities include two resident clubhouses, two resort-style swimming pools, picnic and grilling stations, fitness center, two soccer fields, play area, and business center.

“Ashcroft Capital has grown an impressive multifamily portfolio in the Atlanta metro over the past two years by strategically acquiring older vintage workforce housing communities that have significant upside potential via renovation programs and the implementation of operational efficiencies,” said Casey Chayet, an investment professional on the NPRC team. “NPRC is pleased to team up with Ashcroft on this acquisition, and we fully expect Ashcroft to reposition Elliot Norcross as a best-in-class community within the fast-growing Norcross submarket.”

View full press release here.

MESQUITE, Texas – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Anthem Town East (formerly Alexis at Town East), a garden-style community located near Town East Mall approximately 15 miles east of Downtown Dallas. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community and Birchstone’s construction team will spearhead renovation efforts.

The community, which features 244 apartment homes, represents Ashcroft’s first acquisition in Mesquite and the 17th in the company’s rapidly growing Texas portfolio.

“Mesquite is one of our target markets in Dallas because it offers residents a high quality of life, great schools and quick commutes to major employment centers,” said Frank Roessler, founder and CEO of Ashcroft. “Anthem Town East is already in fantastic shape, and we believe our in-house property management company will make it one of the most desirable communities in the area.”

Anthem Town East, which was built in 2002 and consists of 12 three-story buildings, is situated at 645 N Town E Boulevard and spans approximately 14 acres with numerous water features. The community puts residents within close proximity of one of the metro area’s major retail destinations. Anchored by Town East Mall, the area includes several large shopping outlets and a sizable variety of national retailers. The community sits just north of Town East Boulevard and a short distance from Interstates 635 and 30, the gateways to the greater Dallas area.

Renovation efforts will begin by addressing deferred maintenance projects, such as repainting the property and additional measures to improve the curb appeal. Amenity spaces and common areas will be updated as well, including improvements to the clubhouse, fitness center, pool areas and additional spaces. Anticipated upgrades within the apartment homes include the addition of quartz countertops with under-mount sinks, stainless steel appliances, faux wood flooring, new cabinet fronts, updated plumbing and lighting fixtures, tiled backsplashes, USB ports, fresh paint and two-inch blinds.

Anthem Town East offers one-, two- and three-bedroom homes with spacious layouts averaging nearly 1,000 square feet. Existing apartment features include nine-foot ceilings with decorative crown molding, six-panel doors, framed glass mirrors and additional high-end features. Select homes include wood plank-style flooring and sunrooms with fireplaces.

Existing common-area amenities at the controlled-access community include a resort-style pool with sundeck, gas barbecues, social lounge, coffee bar, 24-hour fitness center and a business center. Residents also have the option to lease a detached private garage or covered parking.

“Anthem Town East already possesses an excellent location and aesthetic appeal, and we look forward to offering our trademark brand of customer service to help further cultivate the resident experience,” said David Deitz, president of Birchstone. “We’re excited to join the Mesquite market and offer a quintessential Birchstone experience.”

View full press release here.

ORLANDO, Fla. – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Halston Four Corners (formerly Landings at Four Corners) and Halston World Gateway (formerly Palms at World Gateway), two Orlando-area apartment communities featuring a combined 522 homes. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of both communities.

The communities were purchased through Ashcroft’s $150 million Value-Add Fund. Halston Four Corners is situated in Davenport, about 25 miles southwest of Downtown Orlando. Halston World Gateway is located on the south side of Orlando just off Interstate 4, one of the city’s primary thoroughfares. Ashcroft and Birchstone will perform various upgrades on each community.

“We continue to be strong believers in the Orlando market, and we’re excited to add these two core-plus communities to our portfolio,” said Frank Roessler, founder and CEO of Ashcroft. “Both Halston Four Corners and Halston World Gateway put residents in prime position to take advantage of Orlando’s thriving job market and wide range of entertainment options, and we believe our capital improvements will improve the quality of life for our residents and make each community a more desirable place to live. Our property management arm likes to focus on providing an exceptional resident experience, and that’s exactly what we’ll do here.”

The business plan will be similar at each community, as Ashcroft and Birchstone plan to repaint the properties, fully update and modernize the amenity spaces, add package locker systems and improve the overall curb appeal with landscaping improvements and signage upgrades. The renovations also will include the addition of several carports to provide additional covered parking options for residents.

Within the units, Ashcroft and Birchstone will modernize the communities by implementing several refined features and finishes. The renovations will include stainless steel appliances, quartz countertops, tile backsplashes, vinyl plank flooring, under-mount sinks, an upgraded lighting package and new cabinet fronts with modern pulls. Upgrades will also include the addition of in-home washers and dryers, screened balconies and private fenced-in yards for select units.

Halston Four Corners is situated at 1000 Ketner Street and features 270 apartment homes. Originally built in 2009, the commuter-friendly location provides residents convenient access to a wide range of high-level employers and world-class entertainment within the Orlando area via U.S. 27 and nearby I-4.

Halston World Gateway is located at 9000 Avenue Pointe Circle and offers 252 apartment homes. Originally built in 2008, the community’s proximity to I-4 provides residents with prime connectivity to Downtown Orlando and key employers such as Disney, Universal Studios and AdventHealth.

Existing common-area amenities at both communities include a fitness center, resort-style pool, grilling stations, gated access, a resident clubhouse and business center. Additionally, Halston Four Corners features an indoor basketball court.

“These improvements combined with our innovative property management culture and our commitment to best-in-class customer service will drive outstanding property performance at these two communities,” said David Deitz, president of Birchstone. “These are quality properties in a healthy apartment market, and we believe the stage is set for these two communities to thrive.”

View full press release here.

ROSWELL, Ga. – Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Elliot Roswell (formerly River Crossing at Roswell), a garden-style apartment community in the Atlanta suburb of Roswell. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.

The 312-unit property, which was purchased through Ashcroft Capital’s $150 million Value-Add Fund, becomes the company’s second apartment community in metro Atlanta (it purchased the 412-unit Halston Riverside in Lawrenceville in April). Since its founding, Ashcroft Capital has acquired more than 11,000 units in Dallas-Fort Worth, Orlando, Fla., Tampa, Fla., and Jacksonville, Fla., and is now pursuing acquisition opportunities in the Atlanta, Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix metro areas.

“We are happy to plant roots in one of Atlanta’s best suburbs,” said Frank Roessler, founder and chief executive officer of Ashcroft Capital. “With its abundant green space and proximity to many of the metro’s thriving employment centers, Roswell is a highly desirable location for renters. And with our planned improvements and experienced property management team, Elliot Roswell will be better positioned to capture this growing demand and offer a best-in-class living experience. We are very excited about the future of Elliot Roswell and its performance moving forward.”

Construction of a dog park and improvements to the pool area to make it more kid-friendly are among the planned common-area upgrades. In-unit renovations will include the installation of faux-granite laminate countertops, designer sinks, stainless steel appliances, faux-wood flooring, new cabinet fronts, updated plumbing, contemporary lighting fixtures, USB ports and tile backsplashes. In addition, the homes will be repainted, while washer-dryer sets and private yards will be added to select homes.

Situated at 1450 Raintree Way, near GA-400, Elliot Roswell provides residents with convenient access to Perimeter Center, one of Atlanta’s largest employment hubs, and Alpharetta, the metro’s main tech center. The community also is positioned near highly rated schools, including Centennial High School. Furthermore, with over 800 acres of green space, an award-winning park system and its location along the Chattahoochee River, Roswell has been named one of the best suburbs to live in America by Niche.com.

“Our goal is ambitious but straightforward: we will make Elliot Roswell the top living option in its submarket,” said David Deitz, president of Birchstone. “Together, the property’s can’t-beat location and our renovations platform, as well as our ‘People-First’ service, will prove to be a powerful combination that will enable us to raise the bar with the living experience at Elliot Roswell.”

Elliot Roswell offers one-, two-, three- and four-bedroom apartment homes, including 54 townhome layouts. The units range in size from 900 to 1,925 square feet. The larger floor plans offer ample space for families with children.

In-unit amenities currently include carpet and vinyl flooring, central heating and air, dishwashers, private balconies/patios/decks, washer and dryer connections and pantry space. Select homes also feature breakfast bars, extra storage space and walk-in closets.

Community amenities include a clubhouse and business center, playground, onsite laundry facility, state-of-the-art fitness center and swimming pool. Residents also have access to scenic lakefront views and a barbecue area with picnic tables.

View full press release here.

JACKSONVILLE, Fla. – Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Elliot Baymeadows (formerly Green Tree Place), a garden-style apartment community in the Royal Lakes neighborhood of southern Jacksonville. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.

Elliot Baymeadows, which offers 352 apartment homes, boasts a convenient location just east of Interstate 95 and within a quick commute of the key retail districts of Jacksonville and St. Augustine. The property was purchased through Ashcroft Capital’s new $150 million Value Add Fund, and it becomes Ashcroft’s second community in Jacksonville, joining Southside Villas, which is located just south of downtown. Ashcroft will perform a series of interior and exterior renovations at Elliot Baymeadows, which was originally built in 1986.

“We are big believers in the Jacksonville market, and we look forward to augmenting our presence in the city,” said Frank Roessler, founder and chief executive officer of Ashcroft Capital. “We believe Elliot Baymeadows has a tremendous upside with its opportune location within a desirable, commuter-friendly neighborhood. The community already possesses a charm of its own, and our planned upgrades will deliver the quality finishings that residents of this submarket have come to expect.”

Since its inception, Ashcroft Capital has acquired more than 10,000 units in Jacksonville, Dallas-Fort Worth, Orlando, Fla., and Tampa, Fla. Last month, the company also entered the metro Atlanta market with its acquisition of Halston Riverside, and it continues to pursue acquisition opportunities there. Ashcroft Capital is also looking to enter the Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix markets.

The in-home renovations at Elliot Baymeadows will include the installation of quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, vinyl plank flooring, new lighting and plumbing fixtures and a refreshed color scheme. Refurbishments are also planned for the community’s clubhouse and fitness facilities, while building exteriors will be repainted. The community’s amenities package will be enhanced as well by converting tennis courts to sports courts and adding package locker systems.

Situated at 9480 Princeton Square Boulevard S, Elliot Baymeadows is within moments of several fine dining options, a Publix Supermarket and the St. Johns Town Center open-air mall. Residents can access I-95 and nearby Routes 152 and 115 to easily travel to nearby white sand beaches, a wide array of schools and several key locales throughout the metropolitan area.

“We’re not shy in our ambition to stand out as one of the top living options in the market,” said David Deitz, president of Birchstone. “We look forward to implementing our signature brand of people-first service at the community and are eager to connect with our newfound residents. The location with the lake views and easy commuter options speaks for itself.  Without a doubt, Elliot Baymeadows will be a leading property within this submarket of Jacksonville.”

Elliot Baymeadows offers a variety of one- and two- bedroom apartment homes, ranging in size from 500 to 1,100 square feet. Apartment homes feature nine-foot ceilings, energy-efficient appliances, breakfast bars, in-home washers and dryers, large closets and private patios or balconies.

Common-area amenities at the pet-friendly community include a 24-hour fitness center, two swimming pools, courtyard, picnic and grilling areas, waterfront, two tennis courts, playground and pond. Residents also have access to bike storage and a package-delivery service.

View full press release here.

LAWRENCEVILLE, Ga. – Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Halston Riverside (formerly Retreat at Riverside), a garden-style apartment community in the Atlanta suburb of Lawrenceville. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.

The transaction marks Ashcroft Capital’s entry into metro Atlanta. Since its inception, the company has acquired more than 10,000 units in Dallas-Fort Worth, Orlando, Fla., Tampa, Fla., and Jacksonville, Fla., and is now pursuing acquisition opportunities in Atlanta, Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix. Halston Riverside is the first community purchased through Ashcroft Capital’s new $150 million Value Add Fund, which aims to acquire five to seven assets in targeted markets.

“Halston Riverside represents the type of excellent value-add opportunity that our fund is targeting,” said Frank Roessler, founder and chief executive officer of Ashcroft Capital. “It has a history of institutional ownership, and the property has been very well maintained. At the same time, we have identified ways to add significant value through rebranding and renovations. In addition, Lawrenceville continues to show a strong resilience to the economic effects brought upon by the pandemic.”

The in-unit renovations at Halston Riverside will include the installation of quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes in kitchens, vinyl plank flooring and new cabinet fronts. Improvements to the community’s clubhouse, dog park and tennis courts are also planned.

“A large part of our strategy is to identify value-add assets in high-growth markets that will support our business plan of providing superior unit renovations at cost-appropriate pricing,” Roessler said. “In Atlanta, we plan to rapidly establish a large footprint of 5,000 units or more in order to achieve economies of scale, market leverage and recruitment strength.”

Situated at 1000 Duluth Highway, near I-85 and Highway 316, Halston Riverside is convenient to both Atlanta and Athens, which is home to the University of Georgia and a thriving music, arts and restaurant scene. Located 30 miles northeast of downtown Atlanta, the community features 412 apartment homes and offers residents close proximity to highly regarded schools, a host of restaurants and entertainment venues and abundant outdoor recreational activities.

“The renovations will help an already outstanding community stand out even more against the competition,” said David Deitz, president of Birchstone. “We also believe that our tech-forward, supportive culture and dedication to best-in-class customer service will play a critical role in driving performance. At Halston Riverside and throughout the Ashcroft portfolio, this will result in communities that provide exceptional experiences to our prospects and residents and, in turn, maximize revenue and NOI.”

Halston Riverside offers an array of one- and two- bedroom apartment homes. Some units feature nine-foot ceilings, garden tubs, abundant closet space and ceiling fans. Select homes feature vaulted ceilings, private outside storage, washers, dryers and built-in bookshelves with computer desks for residents who work from home. Attached or detached garages also are available.

Community amenities include package lockers with 24/7 access, controlled gate entry, four resort-style pools with waterfalls, a playground, barbecue grills with picnic areas, state-of-the-art fitness center and a new cyber lounge.

View full press release here.