Multifamily investor Ashcroft Capital acquired the 284-unit Elliot Gwinnett Place garden-apartment community in Norcross for an undisclosed amount.
The New York-based firm plans to modernize and upgrade the asset, which was previously known as the Retreat at Arc Way and built in 1986. Financial details of the transaction were not disclosed, but the property was purchased for $24.8 million in 2017 and was appraised at $43 million for the 2022 tax year, according to Gwinnett County records.
“We’re big believers in the Atlanta metro market, and will continue to grow our team and pursue opportunities in the area for the foreseeable future,” Ashcroft founder and CEO Frank Roessler said in a press release. “Norcross is among the fastest-growing submarkets in the area, due in part to its proximity to the city’s key employment sectors and its highly rated school districts. We look forward to implementing our value-add strategy to modernize the community and reposition it as one the most desirable options in the submarket.”
Located at 4025 Arc Way, Elliot Gwinnett Place offers one-, two- and three-bedroom units. Ashcroft plans to update and improve the existing community amenities, which include a swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground and laundry facility.
Inside the units, 25% of which were renovated by the previous owner, 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.
Including Elliot Gwinnett, Ashcroft has purchased five Atlanta-area communities within the last year, including Elliott Norcross at 1355 Graves Road in Norcross. Ashcroft’s in-house property manager, Birchstone Residential, will manage the property, which was purchased through the firm’s Value-Add Fund II.
“We are thrilled to add a second asset in Norcross, which has been a phenomenal location for us,” Birchstone President David Deitz said. “Our team looks forward to creating the best possible resident experience as we continue to build the brand in the area. The community already offers a stellar location, and we believe we can give it an even greater upside.”