Ashcroft Capital has made two additions to its Value-Add Fund’s portfolio with the acquisition of a pair of communities in the Orlando, Fla., area. The firm acquired Halston Four Corners and Halston World Gateway from Carter-Haston Real Estate Services, according to Yardi Matrix data.
Located at 1000 Ketner St. in Davenport, Fla., Halston Four Corners was built in 2009 and was formerly branded as Landings at Four Corners. The 270-unit community has one-, two- and three-bedroom floorplans that range in size from 564 to 1,552 square feet. Halston Four Corners’ amenities include a fitness center, pool, outdoor kitchen, playground, dog park, clubhouse, business center and walking trail.
Built in 2008, Halston World Gateway was previously known as Palms at World Gateway. The Orlando community at 9000 Avenue Pointe Circle offers 252 units also in one-, two- and three-bedroom units ranging in size from 675 to 1,446 square feet. The community’s amenities include a pool, community pond, fitness center, dog park, car detailing center, outdoor lounge, clubhouse and business center. According to Ashcroft Capital, the communities were both around 97 percent leased at closing.
Frank Roessler, founder & CEO of Ashcroft Capital, said in prepared remarks that the company continues to be strong believers in the Orlando market, adding that the communities put residents near the city’s job market and entertainment options.
Like its other acquisitions, Ashcroft Capital’s business plan for Halston Four Corners and Halston World Gateway will include a series of extensive renovations to the communities’ units, common areas and exteriors. The renovations will include repainting the properties, updating the amenity spaces, adding package locker systems and more parking options, and improving the communities’ overall curb appeal through improved landscaping and signage.
Ashcroft Capital’s renovations for the units will include installing stainless steel appliances, quartz countertops, tile backsplashes, vinyl plank flooring, under-mount sinks, upgraded lighting package and new cabinet fronts. The units will also get in-home washers and dryers and screened balconies, while select units will have private fenced-in yards. The firm also put its in-house property management company Birchstone Residential in charge of managing both communities.
BUILDING A STRONG SOUTHEAST PORTFOLIO
Both Orlando area communities were purchased as part of Ashcroft Capital’s $150 million Value-Add Fund that saw its first acquisition in April. The acquisition of a 412-unit community in Lawrenceville, Ga., was the company’s entry into the metro Atlanta market and was followed by the purchase of a 352-unit community in Jacksonville, Fla.
Roessler told Multi-Housing News that the fund has attracted strong investor interest, raising $115 million in equity so far. Roessler also told MHN that Ashcroft Capital has already acquired six communities in Georgia and Florida for the fund and is looking to purchase up to two more communities by the end of the year.