Ashcroft Capital JV Buys Atlanta Apartments
Birchstone Residential will handle the management and renovation of the property.
Elliot Norcross. Image courtesy of Ashcroft Capital
Ashcroft Capital and National Property REIT Corp. have acquired Elliot Norcross, a garden-style community on 52 acres in Norcross, Ga., from Beitel Group.
The 687-unit property, located at 1355 Graves Road, was previously known as Vida Apartments by Arium. According to Yardi Matrix, the property offers one-, two- and three-bedroom residences with an average unit size of 955 square feet. Approximately 78 percent of the units offer two or three bedrooms.
Existing community amenities include a pet park, resident clubhouses, resort-style swimming pools, a barbecue and picnic area, a fitness center, soccer fields, a game room, a play area and a business center.
The acquisition represents Ashcroft Capital’s first transaction with NPRC, and the companies are actively pursuing further acquisition opportunities. Elliot Norcross also marks Ashcroft Capital’s first acquisition in Norcross and the fourth in the company’s rapidly growing Atlanta-metro portfolio. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed day-to-day management of the community.
Value-Add Project
Birchstone intends to launch renovation efforts at Elliot Norcross, with the work being handled in-house. The effort may entail updating and modernizing the amenity spaces, improving curb appeal, updating landscaping and implementing signage upgrades. In-home improvements may feature the addition of washer-dryer sets and other stainless-steel appliances, new cabinet fronts and upgraded lighting and plumbing fixtures.
Norcross is a small suburban community located about 30 minutes northeast of downtown Atlanta. It is also one the fastest-growing submarkets in the area, due to its location within the I-85 industrial corridor, one of the largest industrial districts in the Southeast and one of the Atlanta metro’s primary employment centers. I-85, Buford Highway and Peachtree Industrial Boulevard connect Norcross to the larger city, providing residents with access for work or leisure.
Last month, Ashcroft Capital bought Anthem Town East in Mesquite, Texas. Birchstone Residential is also handling the management and renovations for that community.
