by Stephen Ursery
Ashcroft Capital, a fully integrated multifamily investment firm, today announced that it has entered into a strategic venture with Temerity Strategic Partners (TSP) that provides Ashcroft with $50 million of growth capital. The capital is expected to support an estimated $1.5 billion of acquisitions over the next two to three years, as Ashcroft expands its Sun Belt portfolio.
“We are excited to have this capital and backing from Temerity Strategic Partners as we position ourselves to benefit from the dislocation and repricing taking place in the market. We look forward to continuing to build our portfolio and delivering on our promise of improving the quality of life of the residents at each of our communities,” said Frank Roessler, founder and CEO of Ashcroft. “The founders of Temerity Strategic have been instrumental in the growth and success of many of the largest real estate operators in North America and across all asset classes. We expect that with Temerity Strategic as our partner we will continue to scale the Ashcroft platform.”
Ashcroft currently owns and, through its Birchstone Residential affiliate, manages apartment communities throughout Texas, Georgia, Florida and North Carolina. In addition to its existing markets, the company is looking to expand into such other Sun Belt markets as Arizona and Tennessee.
“We continue to cultivate a strong roster of like-minded institutional joint venture partners,” said Scott Lebenhart, chief investment officer at Ashcroft. “Our partnership with Temerity Strategic will further support the expansion of our JV program with existing relationships and select new institutional partners.”
“Temerity Strategic provides growth capital and expertise to established, focused, vertically integrated and best-in-class real estate operators that are uniquely positioned for success, which is exactly why we identified Ashcroft as a candidate for our firm’s sponsorship,” commented Bruce Cohen, co-founder and CEO of TSP. “Ashcroft has emerged as a leader in the multifamily industry, and we are big believers in the Ashcroft team’s vision of building a portfolio throughout high-growth metropolitan areas in the Sun Belt region. We are excited to support Ashcroft’s expansion through a combination of capital, resources and strategic guidance.”
TSP seeks to partner with real estate owners and operators that have scaled businesses, an established competitive advantage, in-depth customer and broker knowledge, strong access to institutional capital and a track record of successful deals.
“Ashcroft exhibits all of the attributes we seek in the platforms with which Temerity Strategic will be partnering,” added Jeffrey B. Citrin, co-founder and executive chairman of TSP. “When you add what Temerity Strategic brings to the table with Ashcroft’s multifamily expertise, exemplary corporate culture and strategic vision, the stage is set for Ashcroft to truly soar.”