Ashcroft Capital Announces Acquisition of Elliot Roswell

Purchase of 312-unit community adds to apartment owner's Atlanta presence

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Jun 24, 2021, 12:03 ET

ROSWELL, Ga., June 24, 2021 /PRNewswire/ -- Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Elliot Roswell (formerly River Crossing at Roswell), a garden-style apartment community in the Atlanta suburb of Roswell. Birchstone Residential, Ashcroft Capital's in-house property management company, has assumed management of the community.

The 312-unit property, which was purchased through Ashcroft Capital's $150 million Value-Add Fund, becomes the company's second apartment community in metro Atlanta (it purchased the 412-unit Halston Riverside in Lawrenceville in April). Since its founding, Ashcroft Capital has acquired more than 11,000 units in Dallas-Fort Worth, Orlando, Fla., Tampa, Fla., and Jacksonville, Fla., and is now pursuing acquisition opportunities in the Atlanta, Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix metro areas.

"We are happy to plant roots in one of Atlanta's best suburbs," said Frank Roessler, founder and chief executive officer of Ashcroft Capital. "With its abundant green space and proximity to many of the metro's thriving employment centers, Roswell is a highly desirable location for renters. And with our planned improvements and experienced property management team, Elliot Roswell will be better positioned to capture this growing demand and offer a best-in-class living experience. We are very excited about the future of Elliot Roswell and its performance moving forward."

Construction of a dog park and improvements to the pool area to make it more kid-friendly are among the planned common-area upgrades. In-unit renovations will include the installation of faux-granite laminate countertops, designer sinks, stainless steel appliances, faux-wood flooring, new cabinet fronts, updated plumbing, contemporary lighting fixtures, USB ports and tile backsplashes. In addition, the homes will be repainted, while washer-dryer sets and private yards will be added to select homes.

Situated at 1450 Raintree Way, near GA-400, Elliot Roswell provides residents with convenient access to Perimeter Center, one of Atlanta's largest employment hubs, and Alpharetta, the metro's main tech center. The community also is positioned near highly rated schools, including Centennial High School. Furthermore, with over 800 acres of green space, an award-winning park system and its location along the Chattahoochee River, Roswell has been named one of the best suburbs to live in America by Niche.com.

"Our goal is ambitious but straightforward: we will make Elliot Roswell the top living option in its submarket," said David Deitz, president of Birchstone. "Together, the property's can't-beat location and our renovations platform, as well as our 'People-First' service, will prove to be a powerful combination that will enable us to raise the bar with the living experience at Elliot Roswell."

Elliot Roswell offers one-, two-, three- and four-bedroom apartment homes, including 54 townhome layouts. The units range in size from 900 to 1,925 square feet. The larger floor plans offer ample space for families with children.

In-unit amenities currently include carpet and vinyl flooring, central heating and air, dishwashers, private balconies/patios/decks, washer and dryer connections and pantry space. Select homes also feature breakfast bars, extra storage space and walk-in closets.

Community amenities include a clubhouse and business center, playground, onsite laundry facility, state-of-the-art fitness center and swimming pool. Residents also have access to scenic lakefront views and a barbecue area with picnic tables.

About Ashcroft Capital
Founded in 2015, Ashcroft Capital has acquired over $1.2 billion of assets and 11,000 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
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303.682.3945

SOURCE Ashcroft Capital