Ashcroft Capital Acquires Tampa-Area Asset
The firm and joint venture partner Iviron Capital plan to renovate the 358-unit property.
Ashcroft Capital has expanded its multifamily presence in Florida with its debut acquisition in the Tampa area. The firm and joint venture partner Iviron Capital have acquired Halston Lakeside in Sarasota, Fla. The identity of the seller could not immediately be disclosed.
The 358-unit community, which was completed in 1996, was previously known as Advenir at Gateway Lakes. Now rebranded as Halston Lakeside, the garden-style apartments offer one-, two- and three-bedroom units that average 968 square feet. The units were built with vaulted ceilings, walk-in closets and hardwood-style flooring, while the community offers a pool, resident clubhouse, business center, fitness center, playground, dog park, sports court and picnic areas.
Besides rebranding the community, Ashcroft Capital has put its in-house property management and construction affiliate, Birchstone Residential, in charge of managing the property. David Deitz, Birchstone’s president, said in prepared remarks that the previous owner had invested in the community with some capital improvements, but the new owners will add tech packages to all units and private yards to select units to increase the community’s appeal.
Ashcroft Capital’s overall renovation efforts will update and modernize Halston Lakes’ current amenity spaces, including adding electric vehicle charging stations. The new ownership is also looking to improve the community’s curb appeal and upgrade the landscaping and signage. As for the units, Ashcroft Capital is planning to add upgraded lighting and plumbing fixtures and smart home technology packages, among other improvements. Private yards will also be added to select units on the ground floor.
Located at 1000 Marlin Lakes Circle, Halston Lakes is directly west of Interstate 75, which provides residents with an easy commute to Florida’s employment hubs, including Tampa and St. Petersburg to the north and Fort Myers and Naples to the south. Residents are also approximately five miles away from downtown Sarasota and its cultural attractions, like the Sarasota Opera, Bayfront Park and many local beaches.
Acquisitions across the Sun Belt
While Halston Lakeside will be Ashcroft Capital’s first multifamily acquisition in the Sarasota market, the firm is now up to nine communities in Florida. Ashcroft Capital’s Florida portfolio includes communities throughout the state, including in Orlando, Kissimmee and Coconut Creek.
Beyond Florida, the firm’s portfolio includes communities in Texas, Georgia and North Carolina. At the beginning of the year, Ashcroft Capital acquired The Apartments at Midtown 501, a 248-unit garden-style community in Chapel Hill, N.C. A month prior, the firm acquired the 260-unit Halston Paces Crossing in Norcross, Ga., marking its third acquisition in this Atlanta suburb. Beyond these four states, Ashcroft Capital is looking to expand to additional markets in Sun Belt states.