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.”

Birchstone Residential, a culture-based property management company focused on creating great places to live, today announced the addition of Keith Hughes as vice president of construction. The hiring of Hughes is emblematic of Birchstone’s continued growth as it assumes management responsibilities of apartment communities in the Sunbelt, Southeast and pursues opportunities in new markets.

Hughes will simultaneously manage the day-to-day field operations of multiple multimillion-dollar construction projects and will oversee an emerging in-house construction team expected to grow to 10 or 12 associates. Hughes will assume responsibility of all components of the construction process, from assisting on acquisitions and blueprint designs to budgeting and scheduling construction plans.

“With his vast experience and penchant for driving high-level results, we believe Keith is the perfect fit to lead our construction initiatives,” said David Deitz, president of Birchstone Residential. “Keith’s achievements give him enormous credibility in the industry, and he exhibits all of the key intangible qualities you’d want in a leader—accountability, dedication and the ability to quickly adjust on the fly. We look forward to having Keith as a key part of our team and part of the Birchstone family.”

Prior to joining Birchstone, Hughes, who has accrued 25 years of industry experience, served as regional construction manager for BH Management, where he spearheaded more than $60 million in capital projects in a 12-state region. This included acquisitions, value-add projects, insurance and non-recurring capital expenditures.

“I’m excited to join an on-the-rise property management firm that is quickly carving its distinctive niche in the industry,” Hughes said. “The opportunity to lead and help grow the construction team is tremendous, and I’m eager to assist Birchstone’s continued expansion into desirable markets across the country. I look forward to offering my expertise on the construction front and collaborating with fellow associates on forward-thinking initiatives.” 

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.

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.