by Stephen Ursery
Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Gwinnett Place (formerly Retreat at Arc Way), a garden-style community approximately 20 miles northeast of Downtown Atlanta. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community. The property was purchased through Ashcroft’s Value-Add Fund II.
The community, which features 284 apartment homes, adds to Ashcroft’s burgeoning Atlanta-area portfolio. The company now has five communities in the area, all acquired within the last year, including two within Norcross. Ashcroft also owns communities throughout Texas and Florida.
“We’re big believers in the Atlanta metro market, and will continue to grow our team and pursue opportunities in the area for the foreseeable future,” said Frank Roessler, founder and CEO of Ashcroft. “Norcross is among the fastest-growing submarkets in the area, due in part to its proximity to the city’s key employment sectors and its highly rated school districts. We look forward to implementing our value-add strategy to modernize the community and reposition it as one the most desirable options in the submarket.”
Located at 4025 Arc Way, Elliot Gwinnett Place sits less than three miles from Interstate 85, a key artery that connects to the greater metropolitan area. The community features spacious one-, two- and three-bedroom layouts and provides a quiet respite from the bustling areas of the city. It also offers easy access to the nearby offices of Comcast, Amazon, Mitsubishi and Hewlett-Packard, as well as the abundance of eateries and shops within downtown Norcross.
Ashcroft’s renovation efforts at Elliot Gwinnett Place, initially built in 1988, will include a full update and modernization of the amenity spaces, improved curb appeal and upgrades to landscaping and community signage. Within the apartment homes, Ashcroft will add stainless steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, USB ports and new cabinet fronts with modern pulls. The previous owner recently renovated approximately 25% of the homes.
Existing community amenities include a swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground and laundry facility. Existing apartment features include laminate countertops, white/black appliances, wood-style cabinet fronts, walk-in closets, private patios/balconies and washer/dryer connections. Homes renovated by the previous owner feature various upgrades, including granite countertops and stainless steel appliances.
Elliot Gwinnett Place joins Elliot Norcross, located about seven miles away at 1355 Graves Road, in Ashcroft’s Norcross portfolio.
“We are thrilled to add a second asset in Norcross, which has been a phenomenal location for us,” said David Deitz, president of Birchstone. “Our team looks forward to creating the best possible resident experience as we continue to build the brand in the area. The community already offers a stellar location, and we believe we can give it an even greater upside.”