Multifamily investment firm Ashcroft Capital has expanded into the South Florida market with the acquisition of a garden-style community in the Fort Lauderdale metro.
Elliot Cocoplum, formerly known as Advenir at Cocoplum, comprises 360 apartment homes and townhomes in Coconut Creek. The community was acquired with equity from Ashcroft and affiliates in partnership with Peaceable Street Capital. This marks Ashcroft’s 10th multifamily community in the Sunshine State.
“The Fort Lauderdale metro is one of the most popular destinations for relocation in the nation, as residents continue to migrate from several pockets of the U.S.,” said Frank Roessler, Ashcroft founder and CEO. “The metro has experienced a population growth of 13% since 2010, which bodes well for the long-term health of the regional apartment market.”
Originally built in 1986, Elliot Cocoplum offers one-, two-, and three-bedroom residences, with townhomes accounting for nearly half of the units. Existing amenities include two swimming pools, a resident clubhouse and business center, a fitness center, an outdoor kitchen, and a dog park.
According to Ashcroft, renovations will include modernized amenity spaces; improved curb appeal; updated landscaping and signage; and the addition of electric vehicle charging stations. Unit improvements will feature stainless steel appliances, tile backsplashes, vinyl plank flooring, upgraded lighting and plumbing fixtures, a smart-home technology package, matte black hardware, and private yards for select ground-floor units.
Roessler added that recent construction in the area has focused on high-density multifamily product, and demand still remains for low-density, garden-style communities.
“We’re confident the quiet, suburban environment—along with our upgrades and our commitment to improving the quality of our residents’ lives—will make the community a top-of-market option,” he noted.
The community will be managed by Birchstone Residential, Ashcroft’s in-house property management company.
“Because of its strong history of institutional ownership, the property has received regular capital improvements since its inception and was delivered in superb condition,” said David Deitz, president of Birchstone Residential. “That said, we believe we can further modernize the community and deliver outstanding customer service to provide an even more attractive option to discerning renters. We look forward to joining the submarket and offering a best-in-class experience.”