Value-Add Multifamily Investor Expands into Atlanta Market

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Ashcroft Capital enters the Atlanta market with acquisition of suburban community.

Multifamily investment firm Ashcroft Capital has established itself in the Atlanta market with the acquisition of Halston Riverside. The garden-style community is in Lawrenceville, roughly 30 miles northeast of downtown Atlanta. The community is also under an hour west of the University of Georgia, giving residents the flexibility of being between two areas with different activities and music, art, restaurant and entertainment options.

“Halston Riverside represents the type of excellent value-add opportunity that our fund is targeting,” said Frank Roessler, Founder and CEO of Ashcroft Capital, in a release. “It has a history of institutional ownership, and the property has been very well maintained. At the same time, we have identified ways to add significant value through rebranding and renovations. In addition, Lawrenceville continues to show a strong resilience to the economic effects brought upon by the pandemic.”

Among the in-home renovations taking place at Halston Riverside are quartz countertops and stainless-steel appliances. The community will be managed by Ashcroft Capital’s management company, Birchstone Residential.

“The renovations will help an already outstanding community stand out even more against the competition," said David Deitz, President of Birchstone, in the release. "We also believe that our tech-forward, supportive culture and dedication to best-in-class customer service will play a critical role in driving performance. At Halston Riverside and throughout the Ashcroft portfolio, this will result in communities that provide exceptional experiences to our prospects and residents and, in turn, maximize revenue and NOI.”

Halston Riverside has more than 400 one- and two-bedroom apartment homes. Since its founding in 2015, Ashcroft Capital has acquired more than 10,000 apartment homes in the Dallas-Fort Worth metro as well as Tampa, Orlando and Jacksonville, Fla. The company is searching for similar opportunities in Atlanta, Phoenix, Charlotte and Raleigh-Durham, N.C.