Multifamily investment firm Ashcroft Capital continues to expand its Florida footprint. The firm has acquired the 358-unit Halston Lakeside in Sarasota, marking its first property in this fast-growing Gulf Coast region as well as its ninth in the state.
The acquisition of Halston Lakeside, formerly Advenir at Gateway Lakes, was completed through a new joint-venture partnership with Iviron Capital, a private real estate investment enterprise.
“The Sarasota market aligns well with our Sun Belt growth strategy,” said Ashcroft Capital founder and CEO Frank Roessler. “This is a region with a tremendous amount of favorable multifamily fundamentals. The metro ranked fourth in the nation for net in-migration in 2022 and has seen its population rise over 4% in the past three years.”
Roessler added that the expansion into Sarasota was feasible since the firm has a multifamily presence in nearby Tampa. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community.
Initially built in 1996, the garden-style community is comprised of one-, two-, and three-bedroom units with an average size of 968 square feet. Amenities include a resort-style swimming pool, a resident clubhouse and business center, a fitness center, picnic areas, a playground, a dog park, and a sports court.
As part of the renovation package, the amenity spaces will be modernized. Plans include the addition of electric vehicle charging stations, improved curb appeal, and upgrades to the landscaping and signage. Unit interiors also will be updated with stainless steel appliances, hard-surface countertops, tile backsplashes, vinyl plank flooring, upgraded lighting and plumbing fixtures, a smart home technology package, and private yards for select ground-floor residences.
“The property has had a strong history of institutional ownership,” said David Deitz, president of Birchstone Residential. “The previous owner dedicated a substantial amount of capital to improvements. We believe we can take the next step and create a further modernized community that features higher-end finishes. We also believe the addition of tech packages to all units and private yards to select homes will further increase its appeal.”
The property, which sits just west of Interstate 75, provides residents with access to nearby employment hubs in Tampa and St. Petersburg to the north and Fort Myers and Naples to the south.
In addition to Florida, Ashcroft has multifamily communities throughout Georgia, North Carolina, and Texas, owning and managing 14,000 units.