Ashcroft Capital Snags Atlanta-Area Apartments
The garden-style community in Lawrenceville will undergo unit and amenity renovations.
Ashcroft Capital has acquired Halston Riverside, a garden-style apartment community in the Atlanta suburb of Lawrenceville, Ga.
Formerly Retreat at Riverside, the property at 1000 Duluth Hwy. will be managed by Birchstone Residential, the in-house property management company of Ashcroft Capital.
The community features 412 one- and two-bedroom apartments, with some offering 9-foot ceilings, garden tubs and ceiling fans, and select residences providing vaulted ceilings and built-in bookshelves with computer desks for those who work at home. Four swimming pools with waterfalls top the list of common-area amenities.
Last month, Ashcroft Capital’s CEO commented on todays’ must-have amenities.
“One small challenge stemmed from the fact that since it was our first acquisition in this market, we initially had limited boots on the ground, but we were able to capitalize on the outstanding expertise of several local consultants with whom we have longstanding relationships,” Scott Lebenhart, Ashcroft Capital director of acquisitions, told Multi-Housing News.
“Over the course of the transaction, we were able to build out a fully localized team. But that initial reliance on those local consultants was imperative, and we’re extremely grateful for it,” he added.
Ashcroft Capital employs a strategy of acquiring value-add properties in high-growth markets, and intends on embarking on value-add renovations at Halston Riverside. In-unit upgrades will include installation of quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, vinyl plank flooring and new cabinet fronts. Clubhouse, dog park and tennis court improvements will also be undertaken.
Halston Riverside’s location near I-85 and Highway 316 helps make both Atlanta and Athens, home of the University of Georgia, very accessible.