Ashcroft Capital Purchases Suburban Atlanta Community
The firm’s 11th acquisition in the city brings its total number of units to 4,000.
Multifamily investment firm Ashcroft Capital has acquired Halston Paces Crossing in the Atlanta suburb of Norcross, Ga. The 260-unit, garden-style community, formerly Paces Crossing, represents Ashcroft’s 11th multifamily property in the Atlanta market, and the third rental property acquired in the fast-growing suburb of Norcross.
“Given the volatility and uncertainty in capital markets, a key challenge was agreeing to a price and terms that were acceptable to both buyer and seller,” Bill Kay, managing director of capital markets for Ashcroft Capital, told Multi-Housing News.
“We worked closely with all parties to find common ground and satisfy everyone’s objectives in the transaction.”
Completed in 2001, Halston Paces Crossing features one-, two- and three-bedroom layouts averaging 1,140 square feet in size. About 80 percent of the units are two- and three-bedroom apartments. Approximately 75 percent of homes have been renovated, with the rest of the apartments remaining in original condition. Features and finishes of units include walk-in closets, high-speed Internet access, washer-dryer hookups, air conditioning and ice makers.
A fitness center is among the leading common-area amenities of the property.
Bearing an address of 4300 Jimmy Carter Boulevard, Halston Paces Crossing is situated within the Northlake neighborhood of Norcross. Northlake is a shopper’s dream, with the Northlake Mall, Northlake Festival Shopping Center and Tucker Meridian located within a short distance. Supermarkets, department stores, discount stores, movie theaters and service businesses all abound in the area. Small businesses and independently owned restaurants can be found on nearby Lawrenceville Highway.
Ashcroft Capital plans to undertake renovations that will include updating and modernizing amenities, enhancing curb appeal and upgrading landscaping and community signage.
Interior upgrades will include the installation of stainless steel appliances, hard-surface countertops, tile backsplashes, vinyl plank flooring, upgraded lighting and plumbing fixtures, USB ports and new cabinet fronts with modern pulls.
In a prepared statement, a company official noted Ashcroft Capital has gained valuable experience in the metropolitan Atlanta market with its 11 acquisitions over a two-year period. Company officials believe Halston Paces Crossing aligns with its philosophy of reducing risk and producing promising returns.
Ashcroft Capital’s in-house property management firm and construction affiliate, Birchstone Residential, has taken over management of the apartment community.
Two months ago, Ashcroft Capital made news by acquiring four multifamily properties totaling 1,080 units across the Atlanta metropolitan area.