by Stephen Ursery
Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Halston Paces Crossing, a garden-style community in one of metropolitan Atlanta’s fastest-growing suburbs. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community.
The 260-unit Halston Paces Crossing (formerly Paces Crossing) becomes Ashcroft’s 11th apartment community in metro Atlanta and marks its third acquisition in Norcross. Because of Ashcroft’s recent growth in the city, Birchstone recently opened a regional office in Perimeter Center, which sits approximately 15 miles north of downtown Atlanta. Ashcroft also owns communities throughout Texas and Florida and is actively pursuing additional markets in the Sun Belt.
“Since we first entered the Atlanta market in 2021, we have grown our presence there quickly but strategically by staying true to our investment underwriting standards and acquisition criteria,” said Frank Roessler, founder and CEO of Ashcroft. “Atlanta is one of our core markets, and with almost 4,000 units owned our property and construction management teams now have strong economies of scale. Additionally, our experience and infrastructure in the market will serve our residents very well as we improve the units and community at Halston Paces Crossing.”
Situated at 4300 Jimmy Carter Boulevard in Norcross’s Northlake neighborhood, Halston Paces Crossing is surrounded by a variety of retail, dining and nightlife options. The community also is positioned a short drive east of key artery Interstate 285, which provides direct access to several key locales throughout the city and connects with Highway 78, which leads directly to Downtown Atlanta.
Apartment homes in Halston Paces Crossing, which was initially built in 2001, average 1,140 square feet in size. Nearly 80% of the homes feature two- and three-bedroom layouts, and all homes include nine-foot ceilings. Approximately 75% of the homes have undergone a partial renovation while 25% remain in classic condition. Existing community amenities include a swimming pool, grill/picnic area, clubhouse, fitness center, business center, playground, package service and laundry facilities.
Ashcroft’s renovation efforts at Halston Paces Crossing 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.
“Our team has quickly gained valuable experience in the market with the 11 acquisitions in a two-year span, and we believe Halston Paces Crossing is another investment that aligns with our ambitions of minimizing risk and generating promising returns,” said Scott Lebenhart, chief investment officer for Ashcroft Capital. “We have significant boots on the ground in Atlanta with Birchstone’s new regional office and our property management teams, which have skillfully managed our properties there. That combination of factors, combined with our disciplined approach, makes it reasonable to foresee Halston Paces Crossing quickly becoming a best-in-class option in the neighborhood.”