NEW YORK, January 5, 2022 / PRNewswire / – Ashcroft Capital, a fully integrated multi-family investment company, today announced the acquisition of Elliot Windsprint (formerly Windsprint Apartments) at Arlington, Texas, and Halston Park Center (formerly Savannah at Park Central) at Orlando, Florida The two communities add a total of 576 apartments to Ashcroft’s growing portfolio. Residential Birch, Ashcroft Capital’s in-house property management company, took over the management of the communities.
Acquisitions capped an active 2021 year for Ashcroft Capital, which acquired 11 properties containing 3,513 units in three states. The properties total more than $ 700 million value. The company, which has also sold nine assets, plans to be even more active in 2022.
“We have experienced very strategic growth in our target markets in 2021, and the acquisitions of Elliot Windsprint and Halston Park Central ended an exceptional year,” said Frank roessler, Founder and CEO of Ashcroft. “In 2022, we will continue to be very selective and disciplined in our investment approach. We are targeting acquisitions of around 20 to 25 communities, which we believe will represent approximately $ 1.8 billion of the overall acquisition value. We will remain active in our existing markets by Florida, Georgia and Texas, while seeking to expand into new markets in the Sun Belt region. ”
Elliot Windsprint and Halston Park Central each include 288 one, two and three bedroom homes with different configurations available. About 30% of the homes in each community have undergone renovations, leaving Ashcroft and Birchstone with significant opportunities to add value.
Elliot Windsprint, Ashcroft’s second community in Arlington, is located at 2305 Windsprint Way and offers quick access to the Dallas / Fort Worth flourishing employment centers in the region. Existing amenities include a resort-style swimming pool, clubhouse, business center, fitness center, Astroturf soccer field and dog park.
Renovation efforts at Elliot Windsprint, originally built in 1983, will include the implementation of wood flooring, faux quartz countertops, stainless steel appliances, subway tile backsplashes, wall facades. Shaker style cabinetry, updated light fixtures and a modern lighting package. Ashcroft and Birchstone will also explore adding washer / dryer sets and private yards for some units.
Halston Park Central, located in the planned community of Park Central in that of Orlando The Millenia submarket marks Ashcroft’s third community in the greater Orlando region. Based at 2691 Charleston Town Place, the community’s unique amenities offerings include several resort-style pools, a two-story fitness center with yoga studio and spin room, full-size basketball courts, an on-site convenience store and a full service bar / restaurant. The average home size is a generous 1,213 square feet.
Home improvement measures at Halston Park Central, originally built in 2007, will include the addition of wood flooring, quartz countertops with undermount sinks, stainless steel appliances, backsplashes subway tiles, painted cabinet facades, updated light fixtures and a lighting package. In addition, the clubhouse, fitness center, swimming pools and other leisure areas will be considerably refreshed.
“We are delighted to take on the management of these two communities, which are fantastic additions and will fit perfectly into our emerging portfolio,” said David Deitz, president of Birchstone. “Each community has a unique offering in their respective market, and we look forward to providing a top notch, quintessential Birchstone experience at every property. “
About Ashcroft Capital
Founded in 2015, Ashcroft Capital is a vertically integrated multi-family investment company that has acquired 45 communities comprising 14,000 units since its inception and has now $ 1.8 billion in assets under management in several high-growth subways of the Sun Belt. The company is focused on preserving capital while striving to return strong, risk-adjusted liquidity to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-added multi-family real estate and demonstrates expertise in extracting maximum value from every asset it acquires. Rather than trying to play on the timing of the cycle, the company strives to acquire excellent apartment communities in conveniently located submarkets of large growing US subways.
About Birchstone Residential
Residential Birch is Ashcroft Capital’s in-house property management company. It has a comprehensive property management platform that provides all essential services including rental, maintenance and construction management. Birchstone has been uniquely designed to execute the value-added business plan for each Ashcroft property, optimize financial returns and provide high satisfaction to residents. Committed to a people-centered culture and employee development through vocational training, job enrichment and accelerated development, Birchstone seeks to provide top-notch service that attracts new residents and enriches the residents’ way of life. current.
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SOURCE Ashcroft Capital