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.

Lifting the Amenities Lockdown: What Are Today’s Must-Haves?

Work from home is expected to be a lasting trend, and that is informing a number of choices around the amenities a building may offer.

Amenities have always been seen as selling points for multifamily properties, providing incentives for residents to sign a lease or stay on for another year. From fitness centers and golf simulators to pet parks and movie theaters, these spaces provide opportunities for residents to interact with one another and to feel like they are getting the most for their money.

When the coronavirus pandemic hit hard in March 2020, however, many amenity spaces were quickly shut down while capacity and operating hours were curtailed at other spaces.

Over the past year, property owners and managers have had to work diligently to repurpose, reposition and revolutionize how these spaces can be used in order to keep residents interested and satisfied.

“It really comes down to convenience and flexibility,” said Frank Roessler, founder & CEO of Ashcroft Capital. “Home isn’t just a place to lay your head down at night anymore. Residents are even more focused on comfort, space and amenity packages.”

According to a survey from the Stanford Institute for Economic Policy Research, 42 percent of the U.S. labor force is now working from home full time. Additionally, the share of working days spent at home is expected to increase fourfold from pre-COVID-19 levels—from 5 percent to 20 percent. With this, amenities have become even more important, providing a much needed escape for residents from the confines of their own homes. So with the vast amount of available options, what are the wisest investments that owners and operators can make?

BALANCING ACT

Although the coronavirus will be behind us someday, that doesn’t mean residents will be flocking back to the office full-time. Therefore, there is an increasing need for remote work amenities, particularly those that promote a better work-life balance. Further, amenities are now being adapted to more individualized use, ranging from scheduling formerly shared spaces to making Wi-Fi more readily available throughout the community to support higher bandwidth.

According to a resident survey conducted by SatisFacts, some of the top amenities residents claimed would assist them in working from home were faster internet speeds; wireless self-service printing, copying and scanning; outdoor working spaces; individual work pods; coworking spaces; and video chat booths.

These technology upgrades would help mitigate some of the challenges the surveyed remote workers are currently facing, including balancing the work-life schedule (36.6 percent), finding a dedicated workspace (35.9 percent) and being able to focus (33.1 percent).

Once the pandemic is over, working from home is still expected to be the favored choice amongst many workers, and, in order to keep themselves feeling productive, proper workspaces are necessary.

“The pandemic has further evolved that transformation as working from home has become the norm for more residents,” said Beth Tuttle, vice president of marketing at LMC. “Large coworking spaces have now been partitioned into smaller spaces to allow for more physical distance between residents.”

Another amenity that is highly sought after is green space such as playgrounds, pet parks or access to nearby walking or biking trails. Playgrounds and green spaces were amenities the industry as a whole had dramatically leaned away from, Roessler noted, but that is expected to change as restrictions are eased and new work-from-home routines are established.

“These spaces offer an additional place for kids to expend energy while their parents work remotely,” he said.

Having access to green space on a property’s premises will be an important alternative for people who want to enjoy the outdoors but want to avoid more public recreation spaces. Outdoor lounge and grilling areas, for example, have always been attractive to residents but maybe were not used as often.

“Before the pandemic, residents could have stopped at a local bar or restaurant for happy hour with friends,” said Tuttle. “Today, they are holding virtual happy hours in outdoor lounges instead. These spaces provide a sense of normalcy while also offering a change of pace someone may need to help unwind from the new at-home workday.”

According to the National Multifamily Housing Council and Kingsley Associates 2020 Apartment Resident Preferences Report, more than one-third of residents surveyed were pet owners. Dog owners specifically even said they expected to pay between $28 to $34 more per feature per month for amenities catering to their animals, including pet-washing stations and on-site services, like dog walking or dog sitting.

Although fitness centers were one of the first amenities to be halted at most properties, they are actually still a top want from renters. The pandemic has placed a higher emphasis on health and wellness, prompting residents to take advantage of the fitness options provided to them once they are reopened.

TECH ON TOP

Technology is playing a big role in how amenities spaces are being repurposed and used by residents. Innovations that are becoming more commonplace include: facial recognition software, room sensors and smart home access controls, like touchless elevators and Bluetooth-enabled doors. When it comes to marketing to potential residents, self-guided and virtual tours are the most convenient option to increase lease-ups. For resident retention and safety, air filtration and electrostatic spraying features are easy upgrades that can be added to a community for higher sanitation needs.

“Having the proper mechanical, filtration and HVAC strategies matter,” said Jeffrey Schoeneck, executive director of Cuningham’s Live. “It’s going back to basics in terms of thinking of design and preventing some of the higher risks with a low-cost solution. Regenerative design is improving the situation in front of us … incorporating biophilia, stronger access to daylight, better LED and blue lights; all these factors boost health and a better lifestyle.”

With these transformations, buildings will become more behaviorally healthy for residents, while still allowing for places where people can connect passively and actively.

MOVING FORWARD

Although it is impossible to know when the next challenge might arise, it’s important to have a plan in place to keep owners and operators flexible. “Having a generic business continuity plan for any kind of event that might limit access to office spaces or exposure to customers, forces us to think through how we can continually adjust our strategies and look towards more digital solutions,” said Jenny Schoellhorn, director of learning and development at Birchstone Residential.

While the past year has been difficult, it has also been a great opportunity for multifamily operators to demonstrate how they can listen to residents and health experts and respond accordingly.

“Yes, this will pass, but something else will always come in its place,” said Schoeneck. “We need to capture those moments and translate them into design. Look at healthy buildings. Don’t lose sight of needs that are fundamentally healthy and focus on the end user and what will be the experience for them physically and mentally.”

Read the March 2021 issue of MHN.

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.”

Anderson Real Estate Association’s Annual Real Estate Career Night

 

 Anderson School of Management pic

Anderson School of Management
Image: anderson.ucla.edu

Frank Roessler serves as founder of Ashcroft Capital, a national multifamily investment firm based in Westwood, California, that focuses on repositioning complexes with 100 or more units. A graduate of the University of California, Los Angeles (UCLA) Anderson School of Management, Frank Roessler belonged to the Anderson Real Estate Association (AREA).

The AREA gives UCLA Anderson students the chance to advance their real estate knowledge and promote industry awareness. Students receive guidance on marketing themselves and how to conduct effective career searches, while developing a working understanding of real estate concepts and principles. In addition, students can begin developing industry connections through educational and social networking opportunities.

Programs administered by AREA include the Real Estate Career Night, an annual event organized by students that allows them to network with potential employers and industry leaders. Sponsored by UCLA Anderson’s Richard S. Ziman Center for Real Estate, the event has featured more than 100 companies in the past three years, including Lowe Enterprise, the Olson Company, Wells Fargo, and American Realty Advisors.

Three Pre-Purchase Real Estate Investment Considerations

 

Ashcroft Capital pic

Ashcroft Capital
Image: ashcroftcapital.com

Frank Roessler founded and leads Ashcroft Capital, a real estate investment firm based in Westwood, California. As managing principal of the company, Frank Roessler has curated a portfolio worth over $170 million, featuring properties located throughout the state of Texas.

When professional investors consider acquiring a new multi-family real estate asset, they look at a wide range of factors to determine the profitability of the property, including the three listed below.

1. Location. Where a property is situated is arguably the most important factor to consider before making an investment. A property that is surrounded by a quality neighborhood, is within a reasonable distance to amenities, and is near a good school system is more likely to attract reliable tenants.

2. Time commitment. A lower-quality investment property can be obtained at a reduced price, but may require a professional to dedicate much of his or her time to managing the troubles that accompany it. The best real estate investments don’t require an exorbitant amount of attention to maintain.

3. Degree of risk. While all investments come with some degree of risk, an investor should seriously consider risk factors like a property’s potential for appreciation, the amount of equity he or she is buying into, and the cash fluidity of the investment before making the decision to purchase.

Ashcroft Capital Seeks to Maximize Real Estate Investments

Ashcroft Capital pic

Ashcroft Capital
Image: ashcroftcapital.com

As founder of Ashcroft Capital LLC, Frank Roessler understands the residential real estate markets of dozens of US cities. Under Frank Roessler’s guidance, Ashcroft Capital acquires, manages, and renovates apartment complexes to achieve a maximum return on investment.

The company carefully selects the markets it works in, looking for Metropolitan Statistical Areas (MSAs) with desirable metrics in three categories.

First, an ideal MSA’s economy is expanding, with a gross domestic product that has outdone the national average for the most recent two years, with a dynamic present and future job growth. Second, the MSA must have an apartment vacancy rate between 7 and 9 percent. Third, residential cap rates (which compare a property’s value to the income it produces) must be average or higher, so as to provide investors with good returns from the beginning.

Ashcroft achieves these results using several strategies. It uses expense auditing, utility reimbursements, and possible changes in the local management team. Additionally, it makes internal and external improvements to increase each unit’s value. Finally, it rebrands perceptions of the property by publicizing these changes.

Benefits of Investing in Multifamily Real Estate

Ashcroft Capital pic

Ashcroft Capital
Image: ashcroftcapital.com

Real estate investor Frank Roessler is the founder of Ashcroft Capital, a multifamily investment firm based in Westwood, California. In his leadership role with the firm, Frank Roessler identifies and acquires multifamily properties with value-adding potential via capital improvements or by tightening operational inefficiencies.

When compared with other types of real estate, multifamily properties offer a number of advantages to investors. Because multifamily real estate contains numerous units on the same property, investors need only one property manager to handle tenant disputes, rent collection, and upkeep. In the same vein, multifamily real estate allows investors to take advantage of economies of scale, particularly when compared with single-family homes scattered across a geographical region.

Another advantage of multifamily real estate revolves around cash flow. If the tenant of a single family home fails to pay rent, the owner has lost his or her entire income from that property. If a tenant of a 10-unit multifamily property fails to pay rent, the owner has lost only 10 percent of his or her cash flow. In this light, multifamily real estate helps to ensure a stable, consistent income.