by Stephen Ursery
Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Pioneer (formerly Monterra Pointe), a garden-style community located almost exactly halfway between Fort Worth and Dallas in Arlington. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.
The 200-unit Elliot Pioneer expands Ashcroft’s presence in Arlington (the company also currently owns LIV on the Green) and becomes the 18th community in the company’s rapidly growing Texas portfolio. Ashcroft also owns communities throughout Florida and in metro Atlanta.
“We remain very bullish about the DFW metro,” said Frank Roessler, founder and CEO of Ashcroft. “Elliot Pioneer represents a tremendous value-add opportunity in a strong submarket of Arlington. The property already has solid frontage and good proximity to many employment hubs, but we will be taking the community to the next level through our interior and exterior renovation program. Combine this with the operational improvements of our in-house property management company, and we believe we will have strong tailwinds supporting the success of our business plan.”
Situated at 2105 Cottonwood Club Drive, Elliot Pioneer is located just south of the E Pioneer Parkway. The community offers residents convenient access to a wide array of cultural, entertainment and dining options, and is also near a number of parks and outdoor activities. AT&T Stadium (home of the Dallas Cowboys) and Six Flags over Texas are among the nearby attractions, as are Waterchase Golf Club, Mountain Creek Lake and Meadowbrook Park.
Renovation efforts at the pet-friendly Elliot Pioneer, which will be performed by Birchstone’s construction team, will include addressing deferred maintenance, fully renovating the amenity and common areas and updating home interiors. In-home improvements will include upgraded countertops, new shaker-style cabinet fronts and pulls, new flooring, upgraded lighting and plumbing fixtures and new backsplashes in the kitchens.
Elliot Pioneer offers spacious one- and two-bedroom homes. Apartment homes currently feature black appliances, brushed nickel hardware, washer/dryer connections, vinyl wood-style flooring, ceiling fans and private patios or balconies. Fireplaces are available in select units.
Community amenities include a swimming pool, resident clubhouse, fitness center and ample onsite parking.
“We are excited about the opportunity to bring our expertise and customer-first ethic to Elliot Pioneer,” said David Deitz, president of Birchstone. “This is a community with so many things going for it, and we believe that under our stewardship, it will provide a truly best-in-class resident experience.”