Ashcroft Capital has entered the Atlanta market with the acquisition of the 412-unit Halston Riverside, formerly the Retreat at Riverside, in Lawrenceville, Georgia.
The garden-style community is the first property purchased through Ashcroft Capital’s new $150 million value-add fund, which aims to acquire five to seven assets in targeted markets. It is expanding its geographic footprint by pursuing acquisition opportunities in Atlanta; Charlotte and Raleigh-Durham, North Carolina; and Phoenix. Since its inception, the fully integrated multifamily investment firm has acquired more than 10,000 units in Dallas-Fort Worth as well as Jacksonville, Orlando, and Tampa, Florida.
Frank Roessler, founder and CEO, said the firm plans to rapidly establish a large footprint of 5,000 units or more in Atlanta in order “to achieve economies of scale, market leverage, and recruitment strength.”
Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of Halston Riverside, which features one- and two-bedroom apartments. The property is located about 30 miles northeast of downtown Atlanta and offers residents close proximity to schools, restaurants, entertainment, and outdoor activities. Community amenities include package lockers, controlled gate entry, four resort-style pools, a playground, grills with picnic areas, a state-of-the-art fitness center, and a new cyber lounge.
“Halston Riverside represents the type of excellent value-add opportunity that our fund is targeting,” said Roessler. “It has a history of institutional ownership, and the property has been very well maintained. At the same time, we have identified ways to add significant value through rebranding and renovations. In addition, Lawrenceville continues to show a strong resilience to the economic effects brought upon by the pandemic.”
In-unit renovations will include new quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, and vinyl plank flooring. Amenity improvements to the clubhouse, dog park, and tennis courts also are planned.
“The renovations will help an already outstanding community stand out even more against the competition,” said David Deitz, president of Birchstone. “We also believe that our tech-forward supportive culture and dedication to best-in-class customer services will play a critical role in driving performance. At Halston Riverside and throughout the Ashcroft portfolio, this will result in communities that provide exceptional experiences to our prospects and residents and, in turn, maximize revenue and net operating income.”
