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.   

 

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.   

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.

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.

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.

LONDON and NEW YORK – Ashcroft Capital, a New York-based fully integrated multifamily investment firm, and SFO Capital Partners, a London-based global real estate investment management firm, today announced their joint acquisition of Elliot Gateway (formerly Discovery Gateway), a garden-style community located in Marietta, Ga., one of metro Atlanta’s thriving suburbs. The transaction marks the first joint venture between the two companies.

The community features 388 apartment homes and marks Ashcroft’s sixth community in metro Atlanta, a market the company entered just more than a year ago, and SFO Capital Partners’ 19th acquisition in the U.S. housing sector. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed day-to-day management of Elliot Gateway.

“We are honored to partner with such a respected institutional firm as SFO Capital Partners, and we look forward to expanding this relationship in the future,” said Frank Roessler, founder and CEO of Ashcroft. “We are also excited to expand our presence in the Atlanta market. Atlanta is a market with exceedingly positive multifamily fundamentals that bode well for our value-add strategy.”

Mohamad Abouchalbak, CEO of SFO Capital Partners, said: “We are thrilled to partner with Ashcroft Capital on this exciting acquisition in Atlanta, a metro with robust macroeconomic fundamentals, favorable demographics and a clear growth outlook. To date, SFO Capital Partners has acquired over USD1 billion of U.S. housing assets comprising more than 7,500 units located across the nation’s fastest growing metro areas. This has demonstrated our continued conviction in the sector. We are looking forward to growing our successful partnership with Ashcroft Capital.”

Elliot Gateway sits in the South Cobb/Cumberland Galleria submarket in Marietta. The booming submarket is home to a large and growing concentration of office space, a robust inventory of industrial properties, a substantial number of military personnel supporting Dobbins Air Reserve Base and highly regarded public schools. According to census data, the submarket has added the highest number of renter households with a bachelor’s degree of any metro Atlanta submarket in recent years, helping drive demand for high-end apartments in the area. The submarket is also home to Truist Park (home of the Atlanta Braves) and the surrounding Battery Atlanta mixed-use development. Fortune 500 companies with offices in the area include TKE, Synovus, Genuine Parts, Comcast and HD Supply.

“This tremendous submarket combined with our renovation plans, our growing ‘boots on the ground’ in Atlanta and the operational expertise of Birchstone Residential all set the stage for Elliot Gateway to excel and become one of the most desired apartment communities in the area,” said Scott Lebenhart, chief investment officer at Ashcroft Capital. “This property and the surrounding area have so much going for them that we could not be more bullish about how Elliot Gateway will perform moving forward.”

In-home improvements, which will be executed by Birchstone’s construction team, will include the addition of quartz countertops, stainless steel appliances, tile backsplashes, faux-wood flooring, upgraded plumbing and lighting fixtures, new cabinet fronts with brushed nickel pulls and 2-inch faux-wood blinds. Other improvements will include a landscaping update, the replacement of pool-area furniture, the installation of a package locker system and the implementation of a valet trash service.

Situated at 720 Franklin Gateway SE, Elliot Gateway was built in 1984 (30 of the units were constructed in 2021). The gated property offers one-, two- and three-bedroom homes. Community amenities include a resort-inspired swimming pool, a new clubhouse and fitness center, playground, soccer field, outdoor kitchen and barbecue area.

View the full press release here.

NEW YORK – Ashcroft Capital (“Ashcroft”), a vertically integrated multifamily investment firm, today announced the closing of a strategic partnership (the “Partnership”) with institutional investors including investment funds advised by Goldman Sachs Asset Management and Blackstone Strategic Partners. The Partnership will provide liquidity to existing investors across the Ashcroft portfolio in addition to funding future acquisitions. The Partnership expects to invest in value-add multifamily properties throughout the Sun Belt markets, and Ashcroft currently anticipates that the Partnership will acquire real estate assets with an aggregate cost of $800 million. 

Ashcroft currently owns communities throughout Texas, Georgia and Florida, and is seeking to expand into the Carolinas, Arizona, Colorado, Tennessee and Nevada. Birchstone Residential, Ashcroft’s in-house property management affiliate, will manage all properties acquired by the Partnership.

“We’re excited to partner with such highly respected and experienced institutional groups,” said Frank Roessler, founder and CEO of Ashcroft. “We are grateful for their support and confidence in us, as we continue to execute our value-add strategy, focusing on diligent underwriting, business plan execution and seeking to drive a best-in-class resident experience. This partnership will enable us to continue to expand at a rapid-yet-measured pace, as we’ll carefully select assets that fit within our investment parameters and possess a tremendous potential upside in our key markets.”

Since its inception in 2015, Ashcroft has acquired more than 14,600 apartment homes spanning nearly 50 communities. In an active 2021, Ashcroft acquired 11 properties totaling more than 3,500 units across three states. Ashcroft, with over $1.9 billion in assets under management as of December 31, 2021, is targeting approximately 15 to 20 acquisitions in 2022. In addition to portfolio expansion, Ashcroft and Birchstone each possess growing teams to support and expedite the continued acquisition efforts.

“We are delighted to welcome these new blue-chip limited partners, and we look forward to the continued expansion of our institutional platform,” said Bill Kay, managing director of capital markets for Ashcroft. “As we continue to grow, it is invaluable to be backed by such esteemed institutional players and we remain eager to acquire well-vetted assets in our target markets and further expand the portfolio.”

Ashcroft’s value-add strategy generally includes an update and modernization of the amenity spaces, improved curb appeal and upgrades to landscaping and community signage. Ashcroft also modernizes apartment interiors with features such as stainless steel appliances, hard-surface countertops, upgraded lighting and plumbing fixtures, tile backsplashes, and vinyl-plank flooring to create a better living experience and make assets more appealing in their respective markets.

Through a competitive lender selection process managed by Eastdil Secured, PGIM Real Estate, the $209.3 billion real estate business of PGIM, the $1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU), has committed core-plus financing in support of certain acquisitions executed by the Partnership in connection with its closing, as well as in support of funding for property renovations.

“We are pleased to further expand our lending relationship with Ashcroft Capital,” said Trevor Arnholt, Vice President, PGIM Real Estate who led the deal on the firm’s behalf. “This transaction represents a continuation of our commitment to and positive outlook for the multifamily sector, particularly in the growing hubs in the Sun Belt region.”

Latham & Watkins LLP served as counsel to the general partner in connection with the offering of interests in the Partnership.

Devon Park Advisors provided strategic capital raising services to Ashcroft Capital. 

View the full press release here.

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.

NEW YORK – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the addition of Traci Wilhelm as director of asset management.

Wilhelm joins Ashcroft from RXR Realty, where she served as senior vice president of multifamily operations and asset management, managing a $2.7 billion portfolio of properties in the Northeast. At Ashcroft, she will oversee all of the asset management functions across the company’s entire portfolio, implementing tools and systems to optimize operational performance and drive value appreciation. Her expertise includes an in-depth understanding of the new technologies being introduced to the multifamily industry. During her time at RXR Realty, she both led a digital lab team’s creation of a resident-facing mobile application and acted as a consultant to property technology investment committees as they determined the reasonability of investments.

“We are very excited for Traci to join us at Ashcroft Capital,” said Frank Roessler, founder and chief executive officer of Ashcroft Capital. “Her experience and skillsets are a perfect complement to the growth trajectory that our firm is endeavoring on. As we continue to institutionalize each department of the firm, it is critical that they are led by premier industry talent like Traci.”

Before her time with RXR Realty, Wilhelm was director of multifamily asset management at CBRE Global Investors, where she managed a $1.2 billion portfolio of Class A and value-add assets across the country, including 3,700 multifamily units and 76,000 square feet of retail space. Earlier in her career, she served as director of asset management at JPI and as asset manager at Gables Residential. Wilhelm also practiced real estate transaction law for three years in Denver.

“I have admired Ashcroft’s impressive track record in the multifamily space, and I could not be more excited about the opportunity to become part of its leadership team,” Wilhelm said. “Ashcroft has a proven history of creating value through the rebranding and repositioning of the communities it acquires, bringing a better quality of life to their existing and new residents. I am looking forward to working with the tremendous team here at Ashcroft to continue and even accelerate the successes seen thus far.”

Wilhelm has a Bachelor of Arts from University of Colorado Boulder, a Juris Doctorate from Washington and Lee School of Law and a Master of Science in Real Estate Finance and Construction Management from the University of Denver.

Since its inception, Ashcroft Capital has acquired more than 11,700 units. It currently has $1.4 billion of assets under management and owns more than 8,300 apartment homes. Until this year, the company’s portfolio consisted of apartment communities in Jacksonville, Fla., Dallas-Fort Worth, Orlando, Fla., and Tampa, Fla. Ashcroft entered the metro Atlanta market this year and is also seeking acquisition opportunities in the Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix metros.

Birchstone Residential, Ashcroft Capital’s in-house property management company, manages all of Ashcroft’s owned multifamily communities. Birchstone was created to provide best-in-class service that attracts new residents, enriches the lifestyles of current residents and drives the operational performance of the Ashcroft portfolio, leading to targeted rates of return. Birchstone promotes a culture of authenticity, transparency and empowered associates.

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.

 

NEW YORK – Ashcroft Capital, a fully integrated multifamily investment firm, today announced the addition of Bill Kay as managing director of capital markets. The hiring of Kay will support Ashcroft’s continued emergence in the rental-housing sector as the company continues to acquire assets in its existing markets in the Sunbelt and seeks to enter new markets.

Kay will lead all capital markets activities at Ashcroft, with a focus on equity relationships with institutional investors such as real estate funds, endowments, foundations, major insurers, sovereign wealth funds, pensions and family offices. He will also actively participate in the investment and asset management processes across the company.

“With more than two decades of experience in private real estate and private equity, it was quickly apparent that Bill is the perfect fit to lead our institutional investor relations and fundraising efforts,” said Frank Roessler, founder and chief executive officer of Ashcroft Capital. “He has a proven track record of helping to build world-class institutional investment management companies, and we could not be more excited about having his leadership, knowledge and experience as part of the Ashcroft team.”

Prior to joining Ashcroft, Kay held senior leadership roles at Lubert-Adler Real Estate, Apollo Global Management, Morgan Stanley AIP and others. A Dartmouth College graduate with an MBA from The Fox School of Business and Management at Temple University, he has extensive global experience advising investors in tactical and strategic portfolio construction. His strategic acumen encompasses an extensive array of private strategies in fund, direct and co-investment formats.

“I’m thrilled to join the Ashcroft Capital team, which has established itself as a major player in the multifamily industry and is committed to aggressive but highly strategic growth,” Kay said. “I am thoroughly impressed with the company’s proven track record of creating value through the rebranding, renovating and repositioning of its acquired properties, as well as its history of delivering strong returns to investors and improving the resident experience. The company already has done an outstanding job of developing funding, and I’m eager to lend my expertise to help an on-the-rise company continue to thrive.”

Since its inception, Ashcroft Capital has acquired more than 11,500 units totaling more than $1.3 billion in value. Until this year, the company’s portfolio consisted of apartment communities in Jacksonville, Fla., Dallas-Fort Worth, Orlando, Fla., and Tampa, Fla. Ashcroft, which acquired just under $300 million of assets in 2020, recently entered the metro Atlanta market and is also seeking acquisition opportunities in the Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix metros. Many of Ashcroft’s 2021 investments have been purchased through the company’s new $150 million Value Add Fund.

Birchstone Residential, Ashcroft Capital’s in-house property management company, manages all of Ashcroft’s owned multifamily communities. Birchstone was created to provide best-in-class service that attracts new residents, enriches the lifestyles of current residents and drives the operational performance of the Ashcroft portfolio, leading to targeted rates of return. Birchstone promotes a culture of authenticity, transparency and empowered associates.

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.