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

SOURCE Ashcroft Capital

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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.


“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.