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 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.