Ashcroft Capital Acquires Four Communities in Atlanta

Halston McDonough in McDonough, Ga. Image courtesy of Ashcroft Capital

Ashcroft Capital has expanded its multifamily portfolio in the metro Atlanta area with the acquisition of four communities that are all nearly fully occupied. The firm acquired the four communities for an undisclosed price.

The portfolio totals 1,080 homes and is more than 93 percent occupied, with all four communities offering one-, two- and three-bedroom units. The communities include:

• Halston McDonough in McDonough, Ga., with 264 units
• Halston South Point also in McDonough, Ga., with 284 units
• Halston Shiloh Valley in Kennesaw, Ga., with 200 units
• Halston Harris Bridge in Dallas, Ga., with 332 units

The communities share a similar list of amenities including a pool, clubhouse, business center, fitness center, playground, picnic areas, laundry facilities and sports court. The unit interiors include laminate countertops, black appliances, wood-style cabinet fronts, walk-in closets, private patios or balconies, and washer and dryer sets in select homes.

Ashcroft Capital has tasked its in-house property management, Birchstone Residential, with managing the four communities. Frank Roessler, founder & CEO of Ashcroft Capital, said in prepared remarks that the portfolio had a history of institutional ownership where the communities have minimal deferred maintenance. He added in his prepared statement that the firm is still planning to improve the communities by updating the units and modernizing the amenities.

Ready for renovations

As part of its upgrades, Ashcroft Capital is planning to completely refresh the amenity spaces, improve the landscaping, upgrade the signage= and improve the overall curb appeal of each of the communities. Unit upgrades will include adding stainless steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, USB ports and new cabinet fronts.

Ashcroft Capital will also be adding washer and dryer sets to the units and implementing valet trash services. An Ashcroft Capital representative told Multi-Housing News that the renovations would begin immediately, with the exterior renovations expected to take approximately six months, while the in-unit renovations would take approximately 24 months.

Along with its four latest acquisitions, Ashcroft Capital’s portfolio in metro Atlanta is now up to 10 communities. The firm entered the metro when it acquired Halston Riverside in April 2021, which is located in the Atlanta suburb of Lawrenceville, Ga. More recently, Ashcroft Capital and its joint venture partner SFO Capital Partners acquired the 388-unit Elliot Gateway in Marietta, Ga. in June. Scott Lebenhart, CIO at Ashcroft Capital, said in prepared remarks that the firm is committed to growing a significant portfolio in the area due to its strong fundamentals.