by Stephen Ursery
Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisitions of Elliot Windsprint (formerly Windsprint Apartments) in Arlington, Texas, and Halston Park Central (formerly Savannah at Park Central) in Orlando, Fla. The two communities add a combined 576 apartment homes to Ashcroft’s growing portfolio. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the communities.
The acquisitions capped an active 2021 for Ashcroft Capital, which acquired 11 properties containing 3,513 units across three states. The properties total more than $700 million in value. The company, which also sold nine assets, is planning to be even more active in 2022.
“We grew very strategically in our target markets in 2021, and the acquisitions of Elliot Windsprint and Halston Park Central capped an outstanding year,” said Frank Roessler, founder and CEO of Ashcroft. “In 2022, we will continue to be highly selective and disciplined in our investment approach. We are targeting acquisitions of roughly 20 to 25 communities, which we estimate will represent approximately $1.8 billion of aggregate acquisition value. We will remain active in our existing markets in Florida, Georgia and Texas, while also seeking to expand into new markets in the Sun Belt region.”
Elliot Windsprint and Halston Park Central each include 288 one-, two- and three-bedroom homes with various layouts available. Approximately 30% of the homes at each community have undergone renovation, leaving significant opportunity for Ashcroft and Birchstone to add value.
Elliot Windsprint, Ashcroft’s second community in Arlington, is situated at 2305 Windsprint Way and offers expedient access to the Dallas/Fort Worth area’s thriving employment hubs. Existing amenities include a resort-style pool, clubhouse, business center, fitness center, Astroturf soccer field and a dog park.
Renovation efforts at Elliot Windsprint, initially built in 1983, will include the implementation of wood-style flooring, faux quartz countertops, stainless steel appliances, subway tile backsplashes, shaker-style cabinet fronts, updated fixtures and a modern lighting package. Ashcroft and Birchstone will also explore adding washer/dryer sets and private yards to select units.
Halston Park Central, located within the Park Central master-planned community in Orlando’s Millenia submarket, marks Ashcroft’s third community in the greater Orlando area. Based at 2691 Charleston Town Place, the community’s unique amenity offerings include several resort-style swimming pools, a two-story fitness center with yoga studio and spin room, full-size basketball courts, an onsite convenience store and a full-service bar/restaurant. Home sizes average a generous 1,213 square feet.
In-home upgrade measures at Halston Park Central, originally built in 2007, will include the addition of wood-style flooring, quartz countertops with under-mount sinks, stainless steel appliances, subway tile backsplashes, painted cabinet fronts, updated fixtures and a modern lighting package. Additionally, the clubhouse, fitness center, pool areas and other amenity areas will be significantly refreshed.
“We are excited to assume management of both of these communities, which are fantastic additions and will fit in seamlessly with our emerging portfolio,” said David Deitz, president of Birchstone. “Each community has a unique offering in its respective market, and we look forward to providing a best-in-class, quintessential Birchstone experience at each property.”