JV Acquires Central Florida Luxury Apartments
The property was rebranded following the sale.
A joint venture between Ashcroft Capital, Temerity Strategic Partners and Pearlmark purchased Birchstone Waterleigh, a 300-unit garden-style luxury community. DHI Residential, the multifamily arm of DR Horton was the previous owner and seller. A purchase price was not disclosed.
This is Ashcroft’s second multifamily property in Winter Garden and its seventh in the Orlando area.
Prior to the sale, the community was previously called the Ascend Waterleigh Club. It is the first Ashcroft community to be rebranded with “Birchstone” in its name. Following the acquisition, it will be managed by Birchstone Residential, Ashcroft Capital’s in-house property and construction management subsidiary.
Ascend Waterleigh Club was built in 2023. Located at 9405 Ascend Falls Drive, it is within the 22,000-acre Horizon West master-planned community, about 20 miles west of Orlando, Fla.
The community offers one- two- and three-bedroom apartment homes ranging from 782 to 1,563 square feet in size. Unit interiors include stainless steel appliances, quartz countertops, hardwood flooring nad washers and dryers. A saltwater pool, coworking lounge, 24-hour fitness center, electric vehicle chargers and an enclosed dog park are among its common-area amenities.
Orlando’s strong demand and economy piqued Ashcroft’s interest in the property. “Metro Orlando’s growing population and diverse economy are two major reasons we are attracted to this market,” Scott Lebenhart, chief investment officer of Ashcroft Capital told Multi-Housing News.
“Additionally, new supply in the area will trail off over the next year, which should benefit vacancy and rent growth in an already healthy apartment market,” Lebenhart added.
Orlando rents moving in a negative direction
Orlando’s rent evolution was mainly negative last year and followed the same pattern at the start of 2025, pressured in the short run by record deliveries, according to Doug Ressler, manager of business intelligence at Yardi Matrix.
The average advertised asking rent was down 0.3 percent on a trailing three-month basis through January to $1,755, while the national average was down 0.1 percent to $1,746, he told MHN. Year-over-year, Orlando rents slid 2.0 percent, one of the slowest rates among larger US metros.
READ ALSO: 2025 Employment Update
The city’s employment expanded by 1.2 percent as of November, 10 basis points below the national rate. Leisure and hospitality led gains, accounting for 7,600 of the 20,100 net job additions over the past 12 months. Metro unemployment stood at 3.0 percent as of December, 110 basis points below the US rate, according to the Bureau of Labor Statistics.
New construction climate is risky in Orlando
Despite its strong economy, Orlando continues to be a market where investors prefer to buy newly constructed, stabilized luxury product over the risks of taking down raw land for development, said Jesse King, Sales & Leasing Associate of First Capital Property Group/CORFAC International, Orlando.
“It is cheaper to buy an existing luxury product, such as Birchstone Waterleigh, than to take on additional risks such as uncertainty on project costs, material availability, and the general volatility of our current market. This will be the trend until (fundamental) changes occur,” King said.
