by Stephen Ursery
Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Anthem Town East (formerly Alexis at Town East), a garden-style community located near Town East Mall approximately 15 miles east of Downtown Dallas. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community and Birchstone’s construction team will spearhead renovation efforts.
The community, which features 244 apartment homes and was purchased through Ashcroft’s $150 million Value-Add Fund, represents Ashcroft’s first acquisition in Mesquite and the 17th in the company’s rapidly growing Texas portfolio.
“Mesquite is one of our target markets in Dallas because it offers residents a high quality of life, great schools and quick commutes to major employment centers,” said Frank Roessler, founder and CEO of Ashcroft. “Anthem Town East is already in fantastic shape, and we believe our in-house property management company will make it one of the most desirable communities in the area.”
Anthem Town East, which was built in 2002 and consists of 12 three-story buildings, is situated at 645 N Town E Boulevard and spans approximately 14 acres with numerous water features. The community puts residents within close proximity of one of the metro area’s major retail destinations. Anchored by Town East Mall, the area includes several large shopping outlets and a sizable variety of national retailers. The community sits just north of Town East Boulevard and a short distance from Interstates 635 and 30, the gateways to the greater Dallas area.
Renovation efforts will begin by addressing deferred maintenance projects, such as repainting the property and additional measures to improve the curb appeal. Amenity spaces and common areas will be updated as well, including improvements to the clubhouse, fitness center, pool areas and additional spaces. Anticipated upgrades within the apartment homes include the addition of quartz countertops with under-mount sinks, stainless steel appliances, faux wood flooring, new cabinet fronts, updated plumbing and lighting fixtures, tiled backsplashes, USB ports, fresh paint and two-inch blinds.
Anthem Town East offers one-, two- and three-bedroom homes with spacious layouts averaging nearly 1,000 square feet. Existing apartment features include nine-foot ceilings with decorative crown molding, six-panel doors, framed glass mirrors and additional high-end features. Select homes include wood plank-style flooring and sunrooms with fireplaces.
Existing common-area amenities at the controlled-access community include a resort-style pool with sundeck, gas barbecues, social lounge, coffee bar, 24-hour fitness center and a business center. Residents also have the option to lease a detached private garage or covered parking.
“Anthem Town East already possesses an excellent location and aesthetic appeal, and we look forward to offering our trademark brand of customer service to help further cultivate the resident experience,” said David Deitz, president of Birchstone. “We’re excited to join the Mesquite market and offer a quintessential Birchstone experience.”