Ashcroft Capital Announces Purchase of Halston Paces Crossing

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Dec 01, 2022, 07:30 ET

Acquisition Adds 260 Homes to Firm's Growing Atlanta-Area Portfolio

NORCROSS, Ga., Dec. 1, 2022 /PRNewswire/ -- Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Halston Paces Crossing, a garden-style community in one of metropolitan Atlanta's fastest-growing suburbs. Birchstone Residential, Ashcroft Capital's in-house property management company and construction affiliate, has assumed management of the community.

The 260-unit Halston Paces Crossing (formerly Paces Crossing) becomes Ashcroft's 11th apartment community in metro Atlanta and marks its third acquisition in Norcross. Because of Ashcroft's recent growth in the city, Birchstone recently opened a regional office in Perimeter Center, which sits approximately 15 miles north of downtown Atlanta. Ashcroft also owns communities throughout Texas and Florida and is actively pursuing additional markets in the Sun Belt.

"Since we first entered the Atlanta market in 2021, we have grown our presence there quickly but strategically by staying true to our investment underwriting standards and acquisition criteria," said Frank Roessler, founder and CEO of Ashcroft. "Atlanta is one of our core markets, and with almost 4,000 units owned our property and construction management teams now have strong economies of scale. Additionally, our experience and infrastructure in the market will serve our residents very well as we improve the units and community at Halston Paces Crossing."

Situated at 4300 Jimmy Carter Boulevard in Norcross's Northlake neighborhood, Halston Paces Crossing is surrounded by a variety of retail, dining and nightlife options. The community also is positioned a short drive east of key artery Interstate 285, which provides direct access to several key locales throughout the city and connects with Highway 78, which leads directly to Downtown Atlanta.

Apartment homes in Halston Paces Crossing, which was initially built in 2001, average 1,140 square feet in size. Nearly 80% of the homes feature two- and three-bedroom layouts, and all homes include nine-foot ceilings. Approximately 75% of the homes have undergone a partial renovation while 25% remain in classic condition. Existing community amenities include a swimming pool, grill/picnic area, clubhouse, fitness center, business center, playground, package service and laundry facilities.

Ashcroft's renovation efforts at Halston Paces Crossing will include a full update and modernization of the amenity spaces, improved curb appeal and upgrades to landscaping and community signage. Within the apartment homes, Ashcroft will add stainless steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, USB ports and new cabinet fronts with modern pulls.

"Our team has quickly gained valuable experience in the market with the 11 acquisitions in a two-year span, and we believe Halston Paces Crossing is another investment that aligns with our ambitions of minimizing risk and generating promising returns," said Scott Lebenhart, chief investment officer for Ashcroft Capital. "We have significant boots on the ground in Atlanta with Birchstone's new regional office and our property management teams, which have skillfully managed our properties there. That combination of factors, combined with our disciplined approach, makes it reasonable to foresee Halston Paces Crossing quickly becoming a best-in-class option in the neighborhood."

About Ashcroft Capital

Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired 54 communities comprising over 16,000 units since its inception and now has over $2.6 billion in assets under management 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.

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