Ashcroft Capital Grows Texas Portfolio
The company acquired a Dallas property through its $150 million value-add fund.
Anthem Town East
Ashcroft Capital has bought Anthem Town East, a 244-unit community in Mesquite, Texas, from SCI Real Estate Investments. Birchstone Residential, the buyer’s in-house property management company, will manage and renovate the community, acquired through Ashcroft Capital’s $150 million value-add fund.
Completed in 2002, the community consists of 12 three-story buildings and has one- to three-bedroom floorplans ranging from 751 to 1,331 square feet, according to Yardi Matrix data. Units feature nine-foot ceilings, six-panel doors and framed glass mirrors. The new owner plans to upgrade the units with quartz countertops. Property amenities, including the clubhouse, fitness center and pool, will also be renovated.
Located at 645 N. Town E. Blvd., the community is within 2 miles of Town East Mall, offering several dining, retail and entertainment options. Town East Boulevard is less than 500 feet south of the property, while interstates 30 and 635 are some 2 miles north and west, offering easy access to Dallas.
Formerly known as Alexis at Town East, the asset is the company’s first Mesquite acquisition and the 17th in Texas. The company is active in other southern markets as well, having acquired two Orlando communities just last month, also as part of the $150 million value-add fund.
