Ashcroft Capital has acquired four multifamily communities with 1,080 units in the Atlanta metro area. The communities include Halston McDonough, formerly Carrington Green, and Halston South Point, formerly Villas at Southpoint, in McDonough; Halston Shiloh Valley, formerly Shiloh Valley Overlook, in Kennesaw; and Halston Harris Bridge, formerly Harris Bridge Overlook, in Dallas.
“In spite of capital market fluctuations, we remain bullish on multifamily based on the current and projected fundamentals within our Sun Belt metros. Because of this, we’re excited to acquire this value-add portfolio of four core-plus quality properties located in a high growth metro in which we have an existing presence,” said Frank Roessler, founder and CEO of the vertically integrated multifamily investment firm. “Additionally, this portfolio had a very strong history of institutional ownership, and the previous regime handed them off to us with minimal deferred maintenance. That said, we believe we can significantly improve the assets by updating the classic homes and further modernizing the amenity spaces.”
With the addition of these four properties, Ashcroft has 10 communities in metro Atlanta. Its in-house property management company, Birchstone Residential, has assumed management of the communities.
“Atlanta’s population growth and exploding economy have provided investors with the confidence to continue to invest,” said Roessler, adding that one of the biggest draws for renters is the quality of life paired with the cost of living. “Atlanta offers residents a wide array of entertainment and restaurant options, but doesn’t come with the high cost of other major metros such as New York or Chicago.”
The business plan will be similar at each community, with plans to fully refresh the amenity spaces, update landscaping, upgrade signage, and improve curb appeal. Unit upgrades will include stainless steel appliances, hand-surface countertops, tile backsplashes, vinyl plank flooring, lighting and plumbing fixtures, USB ports, and new cabinet fronts with modern pulls. In addition, washers and dryers as well as valet trash service will be added.
“All four of these assets are highly desirable given the quality and characteristics of the properties,” said David Deitz, president of Birchstone. “They will fit seamlessly into our portfolio, and we believe our in-home renovations and modernization of property features will elevate each community in the pecking order of their respective submarkets. We fully anticipate demand to significantly increase at each property.”
