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Ashcroft Capital today announced the acquisition of Elliot Cocoplum, a garden-style community located midway between Boca Raton and Fort Lauderdale. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.
Ashcroft Capital 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.
In this interview, Lebenhart discusses Ashcroft’s investment philosophy, its growth in the metro Atlanta market, its recent expansion into North Carolina and the company’s plans for 2023. He also provides his insight and analysis into how the apartment market as a whole will perform in the year ahead.
MFE recently got a chance to discuss the pace of investment sales with Frank Roessler, founder and CEO of Ashcroft Capital. In recent years, Ashcroft has been an active player in the transaction market, building a portfolio of 13,000 units in Florida, Georgia, North Carolina, and Texas.
According to a preliminary report by CoStar Group that was recently outlined in the Wall Street Journal, apartment investment sales totaled $14 billion in the first quarter of this year. The figure represents a whopping 74% decline from first-quarter 2022.
Like many apartment markets across the U.S., metro Atlanta has seen its performance cool somewhat recently in the midst of inflation and overall economic uncertainty. During the fourth quarter of 2022, same-store effective asking rents for new leases in the area increased by 4.1% year-over-year.
Ashcroft Capital today announced its acquisition of The Apartments at Midtown 501, a 248-unit garden-style community in Chapel Hill, N.C. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.
Ashcroft Capital today announced the acquisition of four apartment communities totaling 1,080 homes in the Atlanta metropolitan area. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the communities.