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.”

Birchstone Residential, a culture-based property management company focused on creating great places to live, today announced the addition of Melanie Stiles as vice president of marketing. The hiring marks an integral moment in Birchstone’s continued growth and emergence as a premier apartment operator.

With a 25-year career in multifamily, Stiles brings a wealth of expertise and experience to Birchstone. She most recently served as vice president of marketing at Highmark Residential. In her new position, she will oversee Birchstone's integrated marketing communication, customer acquisition platform and brand image.

“Melanie is truly committed to cutting-edge marketing strategies and brand storytelling,” said David Deitz, president of Birchstone Residential. “She is a proven leader who thinks big and guides her teams with a warm, empathetic style. Simply put, we could not be more excited about what her addition means for Birchstone as we continue to grow at a brisk yet strategic pace.”

Over the course of her multifamily career, Stiles has provided marketing expertise and thought leadership for companies publicly traded on the Toronto Stock Exchange and the New York Stock Exchange, as well as for private companies. She has extensive experience in team leadership, brand development, advertising, digital marketing, communications, operations and learning and development. She also has played a vital role in integrating companies after numerous mergers and acquisitions.

At Highmark Residential, Stiles developed and carried out the company’s communication and integrated marketing strategies for more than 90,000 apartment homes across the U.S. Previously, she was in charge of Milestone Management's corporate and real estate marketing initiatives. At the time, the company was the largest REIT listed on the Toronto Stock Exchange.

“I am thrilled to become part of the dynamic Birchstone team,” Stiles said. “People across the industry are definitely taking notice of this emerging company, and I can’t wait to work with this group of wildly talented people to innovate and continue Birchstone’s remarkable growth.”

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 announce their joint acquisition of Elliot Gateway (formerly Discovery Gateway), a garden-style community located in Marietta, 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’ 19^th 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.

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. 

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.”

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.”