Ashcroft Capital Announces Commitment of Growth Capital from Temerity Strategic Partners

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Sep 20, 2023, 15:14 ET

Investment will fuel expansion of Ashcroft's Sun Belt portfolio

NEW YORK, Sept. 20, 2023 /PRNewswire/ -- Ashcroft Capital, a fully integrated multifamily investment firm, today announced that it has entered into a strategic venture with Temerity Strategic Partners (TSP) that provides Ashcroft with $50 million of growth capital. The capital is expected to support an estimated $1.5 billion of acquisitions over the next two to three years, as Ashcroft expands its Sun Belt portfolio.

"We are excited to have this capital and backing from Temerity Strategic Partners as we position ourselves to benefit from the dislocation and repricing taking place in the market. We look forward to continuing to build our portfolio and delivering on our promise of improving the quality of life of the residents at each of our communities," said Frank Roessler, founder and CEO of Ashcroft. "The founders of Temerity Strategic have been instrumental in the growth and success of many of the largest real estate operators in North America and across all asset classes. We expect that with Temerity Strategic as our partner we will continue to scale the Ashcroft platform."

Ashcroft currently owns and, through its Birchstone Residential affiliate, manages apartment communities throughout Texas, Georgia, Florida and North Carolina. In addition to its existing markets, the company is looking to expand into such other Sun Belt markets as Arizona and Tennessee.

"We continue to cultivate a strong roster of like-minded institutional joint venture partners," said Scott Lebenhart, chief investment officer at Ashcroft. "Our partnership with Temerity Strategic will further support the expansion of our JV program with existing relationships and select new institutional partners."

"Temerity Strategic provides growth capital and expertise to established, focused, vertically integrated and best-in-class real estate operators that are uniquely positioned for success, which is exactly why we identified Ashcroft as a candidate for our firm's sponsorship," commented Bruce Cohen, co-founder and CEO of TSP. "Ashcroft has emerged as a leader in the multifamily industry, and we are big believers in the Ashcroft team's vision of building a portfolio throughout high-growth metropolitan areas in the Sun Belt region. We are excited to support Ashcroft's expansion through a combination of capital, resources and strategic guidance."

TSP seeks to partner with real estate owners and operators that have scaled businesses, an established competitive advantage, in-depth customer and broker knowledge, strong access to institutional capital and a track record of successful deals.

"Ashcroft exhibits all of the attributes we seek in the platforms with which Temerity Strategic will be partnering," added Jeffrey B. Citrin, co-founder and executive chairman of TSP. "When you add what Temerity Strategic brings to the table with Ashcroft's multifamily expertise, exemplary corporate culture and strategic vision, the stage is set for Ashcroft to truly soar."

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.

About Temerity Strategic Partners
Temerity Strategic Partners is a Chicago-based private equity firm with a focused strategy of providing growth capital to real estate operating, development, and asset management companies on behalf of its principals and a distinguished group of private and institutional investors. TSP provides growth capital, strategic resources and access to its extensive relationships to support rapidly growing, market-leading real estate owners and operators executing development, value-add and core-plus strategies throughout the United States. Founded by industry veterans Bruce Cohen and Jeff Citrin, TSP leverages its experience in building, capitalizing and investing in preeminent real estate operating platforms to support the pursuit of their long-term objectives.

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SOURCE Ashcroft Capital