Ashcroft Capital Acquires Elliot Baymeadows Apartments

Purchase of 352-unit community adds to apartment owner’s growing Jacksonville presence.

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.

About Ashcroft Capital
Founded in 2015, Ashcroft Capital has acquired over $1.2 billion of assets and 10,000 units. 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. Within the real estate industry, Ashcroft specializes in value-add real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play market timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metroplexes.

About Birchstone Residential
Birchstone Residential is a culture-based property management company that oversees the day-to-day operations of apartment communities owned by Ashcroft Capital. At Birchstone, the mission is to strive for excellence in every shape and form, and live that every day through authenticity and transparency. Birchstone hires the best talent, and then stands back and lets them shine. Their empowered and passionate team members translate into a first-class level of customer service – and that translates into residents who love where they live.

Media Contact
Stephen Ursery
LinnellTaylor Marketing
stephen@linnelltaylor.com
303.682.3945

SOURCE Ashcroft Capital

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Ashcroft Capital Enters Atlanta Market with Acquisition of Halston Riverside

 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.

About Ashcroft Capital
Founded in 2015, Ashcroft Capital has acquired over $1.2 billion of assets and 10,000 units. 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. Within the real estate industry, Ashcroft specializes in value-add 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. metroplexes.

About Birchstone Residential
Birchstone Residential is a culture-based property management company that oversees the day-to-day operations of apartment communities owned by Ashcroft Capital. At Birchstone, the mission is to strive for excellence in every shape and form, and live that every day through authenticity and transparency. Birchstone hires the best talent, and then stands back and lets them shine. Their empowered and passionate team members translate into a first-class level of customer service – and that translates into residents who love where they live.

Media Contact
Stephen Ursery
LinnellTaylor Marketing
stephen@linnelltaylor.com
303.682.3945

SOURCE Ashcroft Capital

Related Links

Pinellas Apartments Sell for $120 Million

St. Petersburg, Largo complexes demonstrate that demand for multifamily rentals in the county remains strong, despite the coronavirus pandemic.

A pair of Pinellas County apartment complexes have sold for a combined $120 million, highlighting the notion that despite the COVID-19 pandemic the sector remains in demand among investors.

In St. Petersburg, 930 Central Flats sold for $64 million to a group led by Westerville, Ohio-based White Oak Partners, according to county property and state records.

Meanwhile, in Largo, New York-based Ashcroft Capital acquired the 416-unit Anthem Clearwater complex for $55.75 million, records show.

The 2770 Roosevelt Blvd. complex, previously known as the Woodland Key Apartments, last sold in July 2014 for $18 million, property records show. Rents in the complex, which was completed in 1974 and renovated in late 2018, range from $1,031 a month to $1,400 monthly, according to researcher Apartments.com.

Frank Roessler, Ashcroft Capital’s founder and CEO, says the company will spend about $5 million to upgrade Anthem Clearwater, with new kitchens, interior lighting and paint, landscaping, roofs and signage. The company also intends to install a playground and package locker for residents.

“We want our residents to be happy and love the community and stay there for a long period of time,” Roessler says.

Ashcroft Capital, which was formed in 2014, owns 23 properties with 7,421 units valued at nearly $1 billion, including the Mystic Bay community in Tampa Bay, according to the company’s website.

The six-story 930 Central Ave. project contains 218 units and was completed in the city’s Edge District in 2018. Rental rates there range from $1,428 per month for a studio apartment to $3,253 monthly for a two-bedroom unit, Apartments.com notes.

In addition to 930 Central Flats, White Oak also owns the Courtney Trace and The Addison apartments, both in Brandon, according to its website.

In all, White Oak controls 42 properties with 12,732 units in 10 states and valued at $1.9 billion, its website states.

Executives fromWhite Oak Partners did not return a telephone call for comment.

Ashcroft Capital Expands Jacksonville Footprint

The company purchased Elliot Baymeadows in Jacksonville’s Royal Lakes neighborhood.

Ashcroft Capital has acquired Elliot Baymeadows in Jacksonville, Fla., marking the second acquisition through its Value Add Fund.

The company acquired the 352-unit community from an undisclosed seller and will put its in-house property management company, Birchstone Residential, in charge of managing the community.

Formerly known as Green Tree Place, Elliot Baymeadows offers one- and two-bedroom units that range in size from 550 to 1,100 square feet. The community’s amenities include a fitness center, courtyard, playground, pond, two tennis courts, swimming pools, bike storage, package delivery service, and picnic and grilling areas. The community is 96 percent occupied, according to Ashcroft Capital.

As the community was built in 1986, Ashcroft Capital will be conducting a series of interior and exterior renovations to Elliot Baymeadows. The units will be upgraded with quartz countertops, stainless steel appliances, new light and plumbing fixtures, among other additions.

Ashcroft Capital will also refurbish the community’s clubhouse and fitness facilities, repaint the property’s exterior, convert the tennis courts into sports courts and install a package locker system.

JACKSONVILLE’S STRONG FUNDAMENTALS

For Ashcroft Capital, Elliot Baymeadows was the second acquisition for its $150 million Value Add Fund, which focuses on growth markets in the southeastern U.S. The company’s first acquisition through the fund was its entry into the metro Atlanta market last month with the acquisition of the 412-unit Halston Riverside. Prior to the creation of its Value Add Fund, Ashcroft Capital also acquired Southside Villas, a community that offers one-, two- and three-bedroom units near Jacksonville’s downtown.

“We’re big believers in the Jacksonville metro for several reasons and absolutely intend to acquire more communities in this market,” Frank Roessler, founder & CEO of Ashcroft Capital, told Multi-Housing News. ”We always strive to invest in cities with heavy population growth from in-migration and that definitely describes Jacksonville.”

Roessler also told MHN that Jacksonville had a strong and diverse economy, including a strong financial and business sector, a rapidly growing healthcare industry and one of the largest trade ports in the country.

With the latest acquisition, Ashcroft Capital’s portfolio now totals more than 10,000 units in Jacksonville, Tampa and Orlando in Florida and the Dallas-Fort Worth area in Texas. The company is also looking to expand its Atlanta area portfolio as well as enter the Phoenix, Charlotte and Raleigh-Durham, N.C., markets.

Ashcroft Capital Expands Into the Metro Atlanta Market

The investment firm has acquired a 412-unit garden-style apartment community.

Ashcroft Capital has entered the Atlanta market with the acquisition of the 412-unit Halston Riverside, formerly the Retreat at Riverside, in Lawrenceville, Georgia.

The garden-style community is the first property purchased through Ashcroft Capital’s new $150 million value-add fund, which aims to acquire five to seven assets in targeted markets. It is expanding its geographic footprint by pursuing acquisition opportunities in Atlanta; Charlotte and Raleigh-Durham, North Carolina; and Phoenix. Since its inception, the fully integrated multifamily investment firm has acquired more than 10,000 units in Dallas-Fort Worth as well as Jacksonville, Orlando, and Tampa, Florida.

Frank Roessler, founder and CEO, said the firm plans to rapidly establish a large footprint of 5,000 units or more in Atlanta in order “to achieve economies of scale, market leverage, and recruitment strength.”

Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of Halston Riverside, which features one- and two-bedroom apartments. The property is located about 30 miles northeast of downtown Atlanta and offers residents close proximity to schools, restaurants, entertainment, and outdoor activities. Community amenities include package lockers, controlled gate entry, four resort-style pools, a playground, grills with picnic areas, a state-of-the-art fitness center, and a new cyber lounge.

“Halston Riverside represents the type of excellent value-add opportunity that our fund is targeting,” said Roessler. “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.”

In-unit renovations will include new quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, and vinyl plank flooring. Amenity improvements to the clubhouse, dog park, and tennis courts also are planned.

“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 services 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 net operating income.”

Ashcroft Capital Snags Atlanta-Area Apartments

The garden-style community in Lawrenceville will undergo unit and amenity renovations.

Ashcroft Capital has acquired Halston Riverside, a garden-style apartment community in the Atlanta suburb of Lawrenceville, Ga.

Formerly Retreat at Riverside, the property at 1000 Duluth Hwy. will be managed by Birchstone Residential, the in-house property management company of Ashcroft Capital.

The community features 412 one- and two-bedroom apartments, with some offering 9-foot ceilings, garden tubs and ceiling fans, and select residences providing vaulted ceilings and built-in bookshelves with computer desks for those who work at home. Four swimming pools with waterfalls top the list of common-area amenities.

Last month, Ashcroft Capital’s CEO commented on todays’ must-have amenities.

SMALL CHALLENGE

“One small challenge stemmed from the fact that since it was our first acquisition in this market, we initially had limited boots on the ground, but we were able to capitalize on the outstanding expertise of several local consultants with whom we have longstanding relationships,” Scott Lebenhart, Ashcroft Capital director of acquisitions, told Multi-Housing News.

“Over the course of the transaction, we were able to build out a fully localized team. But that initial reliance on those local consultants was imperative, and we’re extremely grateful for it,” he added. 

Ashcroft Capital employs a strategy of acquiring value-add properties in high-growth markets, and intends on embarking on value-add renovations at Halston Riverside. In-unit upgrades will include installation of quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, vinyl plank flooring and new cabinet fronts. Clubhouse, dog park and tennis court improvements will also be undertaken.

Halston Riverside’s location near I-85 and Highway 316 helps make both Atlanta and Athens, home of the University of Georgia, very accessible.

The Amenity-Filled and Ideally Located Avery Apartments

Ashcroft Capital founder and president Frank Roessler holds an MBA from UCLA’s Anderson School of Management and spent a decade handling multimillion transactions for another multifamily investment firm with nationwide operations. Frank Roessler’s real estate investment firm, Ashcroft Capital, has more than $900 million in assets and manages a portfolio of properties, including the Avery Apartments.

Located at 350 Continental Drive, Lewisville, Texas, Avery Apartments offers one, two, and three-bedroom apartment units. Featuring spacious floor plans, the units have granite kitchen bar tops, large walk-in closets, side-by-side refrigerator, vaulted ceilings, and stainless steel appliances. The pet-friendly apartment is in a private gated neighborhood, with available garage and storage, fitness center, pool, door-to-door trash pick, wifi hotspots, and more.

Three shopping centers are all within walking distance. Numerous parks and recreation facilities are less than nine miles, at most. Public and private elementary and middle schools are nearby, as well as a university and two colleges. The Dallas/Fort Worth International Airport is also only 17 minutes drive.

Ways to Add Value to Multifamily Properties

Frank Roessler

Headquartered in New York City, the investment firm Ashcroft Capital was founded by California-based real estate investment executive Frank Roessler. After completing his MBA at the UCLA Anderson School of Management, Frank Roessler worked with M&A Real Estate Partners as an acquisition associate and later as an asset manager. He established Ashcroft Capital in 2014.

Seeking to maximize returns for its investors, Ashcroft Capital adds value to its portfolio properties through moderate to extensive renovations. Particular upgrades that can significantly increase the value of multifamily properties include:

Exterior improvements

A multifamily property with plenty of curb appeal will create a good first impression on investors and prospective tenants. Exterior upgrades such as landscaping, signage, painting, and outdoor seating areas can greatly increase interest in the property.

New flooring

For multifamily properties with carpeted units, upgrading to tile, vinyl, or wood flooring can add significant value. These types of flooring give units a modern look, are much easier to clean and maintain, and are more durable in the long term.

Laundry facilities

Tenants are willing to pay extra for in-suite laundry facilities. If installing washing machines and dryers in every unit is not possible, a high-quality shared laundry room in the building can add a similar level of value.

What Attracts Millennials to Apartment Communities

Frank Roessler

To meet the expectations of high-net-worth investors, Frank Roessler, founder of Ashcroft Capital in Westwood, California, seeks out profitable residential properties. Frank Roessler keeps an eye on market trends, such as the popularity of apartments among the Millennial generation (Gen Y).

Millennials differ from older generations in their apartment want list, according to two surveys. Rather than look for luxurious amenities, they place greater value on location and price. Research samples included both parents and offspring; unsurprisingly, parents rank security higher than their children.

Both groups prize the presence of friends and good customer service from apartment managers. They rarely seek extra features such as swimming pools and tanning beds.

Millennials prefer small apartments (efficiencies and one-bedroom units) with large closets for bicycles and other outdoor equipment. Additionally, they want generous amounts of built-in wiring and easy access to Wi-Fi. Fast, stable Internet connections and good cell phone reception are also priorities.

Methods of locating and researching apartments also reflect a technological focus. While most apartment hunters conduct the majority of their apartment shopping via Internet or mobile devices, the proportion of Gen Y doing so is even larger.

Premier Community Living in Esencia Apartment Complex

Ashcroft Capital pic

Ashcroft Capital
Image: ashcroftcapital.com

The founder and president of property investment firm Ashcroft Capital, LLC, Frank Roessler has over a decade of experience in repositioning assets with high return potential. Under Frank Roessler’s leadership, Ashcroft Capital has amassed over 4,700 units, including Esencia Apartments, a 200-unit multifamily complex in Garland, Texas.

Conveniently located off Interstates 635 and 30, Esencia Apartments offers gated community-style living within a short drive to the Dallas metro area and a five-minute walk to public transit. The complex has one-, two-, and three-bedroom units, which are equipped with state-of-the-art kitchens, classic faux wood flooring, and beautifully appointed fixtures. All units can be upgraded upon request.

Esencia residents can access and enjoy a swimming pool, an outdoor picnic area, a soccer field, and a business center. The complex’s proximity to a highly ranked elementary school makes Esencia an ideal community for families with young children. One-bedroom units encompass just over 600 square feet and start at $860 a month.