Multifamily investment firm Ashcroft Capital acquired four apartment communities aggregating 1,080 units in the Atlanta metropolitan area for an undisclosed amount.
The communities include Halston McDonough (formerly Carrington Green) in McDonough, Halston South Point (formerly Villas at Southpoint) in McDonough, Halston Shiloh Valley (formerly Shiloh Valley Overlook) in Kennesaw and Halston Harris Bridge (formerly Harris Bridge Overlook) in Dallas. The acquisitions bring the New York firm’s Atlanta-area multifamily holdings to 10 communities.
“This portfolio had a very strong history of institutional ownership, and the previous regime handed them off to us with minimal deferred maintenance,” Ashcroft founder and CEO Frank Roessler said in a press release. “That said, we believe we can significantly improve the assets by updating the classic homes and further modernizing the amenity spaces.”
Ashcroft’s in-house property management company, Birchstone Residential, assumed management of the communities.
At each property, Ashcroft and Birchstone plan to fully refresh amenity spaces, implement landscaping improvements, upgrade signage and improve overall curb appeal. Each community features a swimming pool, resident clubhouse and business center, fitness center, picnic area, playground, laundry facilities and sports court.
In-home upgrades will include 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. Additional improvement measures will include the addition of washer/dryer sets and valet trash service.
“Atlanta is a great example of the kind of Sun Belt market we want to be in,” Ashcroft Chief Investment Officer Scott Lebenhart said. “It’s experiencing population growth, has a diverse economy and offers a tremendous quality of life. In short, it’s exactly the kind of metro area in which renters want to be. We only entered the metro Atlanta market last year, but we’re committed to growing a significant portfolio in the area because of the rock-solid fundamentals of the apartment market there.”
Halston South Point, formerly Villas at Southpoint. Courtesy of Halston South Point.