Halston World Gateway in Orlando, Florida, features 252 apartment homes.
Courtesy Ashcroft Capital Halston World Gateway in Orlando, Florida, features 252 apartment homes.

Multifamily investment firm Ashcroft Capital has acquired two apartment communities in the Orlando, Florida, area through its $150 million value-add fund. The acquisition includes the 270-unit Halston Four Corners in Davenport and the 252-unit Halston World Gateway on the south side of Orlando. Both properties will be managed by Birchstone Residential, Ashcroft’s in-house property management company.

“We continue to be strong believers in the Orlando market, and we’re excited to add these two core-plus communities to our portfolio,” said Frank Roessler, founder and CEO of Ashcroft. “Both Halston Four Corners and Halston World Gateway put residents in prime position to take advantage of Orlando’s thriving job market and wide range of entertainment options, and we believe our capital improvements will improve the quality of life for our residents and make each community a more desirable place to live. Our property management arm likes to focus on providing an exceptional resident experience, and that’s exactly what we’ll do here.”

Halston Four Corners, formerly known as Landings at Four Corners, was built in 2009 and is commuter-friendly with convenient access to a wide range of employers and world-class entertainment. Halston World Gateway, formerly known as Palms at World Gateway, was built 2008 and is close to I-4 with proximity to downtown Orlando and key employers Disney, Universal Studios, and AdventHealth.

Ashcroft and Birchstone have plans for various upgrades on each community, including repainting the properties, updating and modernizing the amenity spaces, adding package locker systems, and improving the overall curb appeal with fresh landscaping and signage. Renovations also will include several carports to provide additional covered parking options.

In the units, renovations will include stainless steel appliances, quartz countertops, tile backsplashes, vinyl plank flooring, under-mount sinks, upgraded lighting, and new cabinet fronts with modern pulls. Additional upgrades will feature in-unit washers and dryers, screened balconies, and private fenced-in yards for select units.

“These improvements combined with our innovative property management culture and our commitment to best-in-class customer service will drive outstanding property performance at these two communities,” said David Deitz, president of Birchstone. “These are quality properties in a healthy apartment market, and we believe the stage is set for these two communities to thrive.”

Founded in 2015, the vertically integrated Ashcroft has over $1.5 billion of multifamily assets and more than 8,000 units owned throughout several high-growth Sun Belt metros.