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 10^th 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.

Birchstone Residential, a culture-based property management company focused on creating great places to live, today announced the addition of multifamily veteran April Royal as vice president of property management. Royal will oversee regional and onsite operations across Birchstone’s portfolio of 14,000 apartment homes in Florida, Georgia, Texas and North Carolina.

Royal brings more than 25 years of multifamily management experience to her new role. Prior to joining Birchstone, she was the vice president of Capstone Real Estate Services’ multifamily operation.

“April is a proven leader with a passion for operations and an inspiring commitment to superior customer service for residents and associates alike,” said David Deitz, president of Birchstone Residential. “Her warm, transparent leadership style and ‘roll-up-her-sleeves’ attitude make her a great addition to our team. April’s gift for strategy and team-building perfectly positions Birchstone for success as we continue to grow our portfolio while providing residents with exceptional living experiences.”

Royal’s extensive career in multifamily includes work with conventional, tax credit, student housing and active adult apartment communities. She is a member of the Board of Directors of the Apartment Association of Tarrant County (Texas) and is on the path to become president of the association in 2026. Prior to her tenure at Capstone, she served in regional leadership roles at Knightvest Management, WRH Realty Services, Miles Properties and Flagship Properties Corp.

“Birchstone is a growing, dynamic company, and I am profoundly energized by the opportunity to play an important leadership role in its ongoing expansion and evolution,” Royal said. “Building and supporting high-functioning teams and delivering best-in-class living experiences is my passion, and I look forward to working with Birchstone’s talented associates to do just that.”

Ashcroft Capital, a fully integrated multifamily investment firm, today 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.

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.

Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Halston Paces Crossing, a garden-style community in one of metropolitan Atlanta’s fastest-growing suburbs. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community.

The 260-unit Halston Paces Crossing (formerly Paces Crossing) becomes Ashcroft’s 11th apartment community in metro Atlanta and marks its third acquisition in Norcross. Because of Ashcroft’s recent growth in the city, Birchstone recently opened a regional office in Perimeter Center, which sits approximately 15 miles north of downtown Atlanta. Ashcroft also owns communities throughout Texas and Florida and is actively pursuing additional markets in the Sun Belt.

“Since we first entered the Atlanta market in 2021, we have grown our presence there quickly but strategically by staying true to our investment underwriting standards and acquisition criteria,” said Frank Roessler, founder and CEO of Ashcroft. “Atlanta is one of our core markets, and with almost 4,000 units owned our property and construction management teams now have strong economies of scale. Additionally, our experience and infrastructure in the market will serve our residents very well as we improve the units and community at Halston Paces Crossing.” 

Situated at 4300 Jimmy Carter Boulevard in Norcross’s Northlake neighborhood, Halston Paces Crossing is surrounded by a variety of retail, dining and nightlife options. The community also is positioned a short drive east of key artery Interstate 285, which provides direct access to several key locales throughout the city and connects with Highway 78, which leads directly to Downtown Atlanta.

Apartment homes in Halston Paces Crossing, which was initially built in 2001, average 1,140 square feet in size. Nearly 80% of the homes feature two- and three-bedroom layouts, and all homes include nine-foot ceilings. Approximately 75% of the homes have undergone a partial renovation while 25% remain in classic condition. Existing community amenities include a swimming pool, grill/picnic area, clubhouse, fitness center, business center, playground, package service and laundry facilities.

Ashcroft’s renovation efforts at Halston Paces Crossing 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.

“Our team has quickly gained valuable experience in the market with the 11 acquisitions in a two-year span, and we believe Halston Paces Crossing is another investment that aligns with our ambitions of minimizing risk and generating promising returns,” said Scott Lebenhart, chief investment officer for Ashcroft Capital. “We have significant boots on the ground in Atlanta with Birchstone’s new regional office and our property management teams, which have skillfully managed our properties there. That combination of factors, combined with our disciplined approach, makes it reasonable to foresee Halston Paces Crossing quickly becoming a best-in-class option in the neighborhood.”

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.”