Ashcroft Capital Acquires North Carolina Community
The firm purchased the property through its new financing vehicle, Ashcroft Value Add Fund III.
Ashcroft Capital has completed its purchase of The Apartments at Midtown 501, a 248-unit garden-style luxury apartment community located at 545 Ashley Court in Chapel Hill, N.C. The firm purchased the property from its previous owner, listed by CommercialEdge as DRA Advisors, with financing from its newly created Ashcroft Value Add Fund III. Following the purchase, the buyer plans to implement a number of upgrades to the community and will provide management services through its dedicated subsidiary, Birchstone Residential.
The present and future of Midtown 501
The Apartments at Midtown 501 were constructed in 1973 over 29 acres, and are divided into one-, two- and three-bedroom living arrangements averaging 1,106 square feet, according to CommercialEdge information. The homes feature stainless steel appliances, granite countertops, wood-style flooring, walk-in closets and in-house laundry units. Community-wide, residents have access to numerous sports courts, a swimming pool, clubhouse, fitness center, business center, game room and dog park. Situated adjacent to Durham-Chapel Boulevard, the community is within 3 miles of central Chapel Hill, with quick access to the University of North Carolina at Chapel Hill campus, in addition to the city’s retail and dining offerings. The nearby cities of Raleigh and Durham, which have some of the state’s largest employers, are 8 and 25 miles away, respectively.
DRA had acquired the community in 2016 for $40.6 million, CommercialEdge data shows. A year prior, the firm had invested in significant renovations to the apartments. Ashcroft is continuing these upgrades, focusing on infrastructure such as new lighting and plumbing installments, in addition to cosmetic and quality of life improvements such as new tiling and the installation of tech packages. Additionally, the buyer is planning further upgrades to the community’s amenity spaces.
Ashcroft’s Sun Belt acquisitions
The purchase of The Apartments at Midtown 501 marks Ashcroft’s first foray into the Tar Heel state and the first property acquired with the firm’s new acquisition fund. The company has been an active investor in communities across the Sun Belt, with a particular fixation on Atlanta. In December of 2022, the firm purchased Halston Paces Crossing, a 260-unit community in the city’s Norcross suburb. Two months prior, it acquired a four-community, 1,080-home portfolio located around the city.