Ashcroft Capital Announces Acquisition of Elliot Cocoplum

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Dec 08, 2023, 07:15 ET

Metro Fort Lauderdale Community Adds 360 Homes to Firm's Florida Portfolio

COCONUT CREEK, Fla., Dec. 8, 2023 /PRNewswire/ -- Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Cocoplum, a garden-style community located midway between Boca Raton and Fort Lauderdale. Birchstone Residential, Ashcroft Capital's in-house property management company and construction affiliate, has assumed management of the community and will oversee its upcoming improvements. The acquisition marks Ashcroft's entry into the South Florida market.

Elliot Cocoplum (formerly Advenir at Cocoplum), which features 360 apartment homes and townhomes, marks Ashcroft's 10^th apartment community within Florida. The community was acquired with equity from Ashcroft and affiliates in a partnership with Peaceable Street Capital.

"The Fort Lauderdale metro is one of the most popular destinations for relocation in the nation, as residents continue to migrate from several pockets of the U.S.," said Frank Roessler, founder and CEO of Ashcroft. "The metro has experienced a population growth of 13% since 2010, which bodes well for the long-term health of the regional apartment market. While new construction in the area has focused on high-density product, we believe that considerable demand still exists for low-density, garden-style products such as Elliot Cocoplum. We're confident the quiet, suburban environment—along with our upgrades and our commitment to improving the quality of our residents' lives—will make the community a top-of-market option."

Originally built in 1986 and situated at 4142 Cocoplum Circle, Elliot Cocoplum offers one-, two- and three-bedroom homes ranging as large as 1,495 square feet, with townhomes accounting for nearly 50% of the units. Existing amenities include two swimming pools, a resident clubhouse and business center, fitness center, outdoor kitchen and a dog park.

Ashcroft's renovation efforts will include a comprehensive update and modernization of the amenity spaces, improved curb appeal, updated landscaping and signage, and the implementation of electric vehicle charging stations. In-home improvements will include the additions of stainless-steel appliances, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, a smart home technology package, matte black hardware and private yards for select ground-floor units. Additionally, hard-surface countertops will be implemented in select homes.

"Because of its strong history of institutional ownership, the property has received regular capital improvements since its inception and was delivered in superb condition," said David Deitz, president of Birchstone Residential. "That said, we believe we can further modernize the community and deliver outstanding customer service to provide an even more attractive option to discerning renters. We look forward to joining the submarket and offering a best-in-class experience."

In addition to Florida, Ashcroft owns communities throughout Texas, Georgia and North Carolina. The company is actively pursuing additional markets in the Sun Belt.

About Ashcroft Capital

Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that currently owns and manages 14,000 units – totaling $2.6 billion in value – throughout several high-growth metros of the Sun Belt. 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. Ashcroft specializes in value-add multifamily 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. metros. Ashcroft is driven by a focused mission to improve the quality of life of the residents at each community in its portfolio.

About Birchstone Residential

Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance, and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.

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SOURCE Ashcroft Capital