Ashcroft Capital Expands Jacksonville Footprint

The company purchased Elliot Baymeadows in Jacksonville’s Royal Lakes neighborhood.
Elliot Baymeadows Apartments. Image courtesy of Ashcroft Capital

Ashcroft Capital has acquired Elliot Baymeadows in Jacksonville, Fla., marking the second acquisition through its Value Add Fund.

The company acquired the 352-unit community from an undisclosed seller and will put its in-house property management company, Birchstone Residential, in charge of managing the community.

Formerly known as Green Tree Place, Elliot Baymeadows offers one- and two-bedroom units that range in size from 550 to 1,100 square feet. The community’s amenities include a fitness center, courtyard, playground, pond, two tennis courts, swimming pools, bike storage, package delivery service, and picnic and grilling areas. The community is 96 percent occupied, according to Ashcroft Capital.

As the community was built in 1986, Ashcroft Capital will be conducting a series of interior and exterior renovations to Elliot Baymeadows. The units will be upgraded with quartz countertops, stainless steel appliances, new light and plumbing fixtures, among other additions.

Ashcroft Capital will also refurbish the community’s clubhouse and fitness facilities, repaint the property’s exterior, convert the tennis courts into sports courts and install a package locker system.

JACKSONVILLE’S STRONG FUNDAMENTALS

For Ashcroft Capital, Elliot Baymeadows was the second acquisition for its $150 million Value Add Fund, which focuses on growth markets in the southeastern U.S. The company’s first acquisition through the fund was its entry into the metro Atlanta market last month with the acquisition of the 412-unit Halston Riverside. Prior to the creation of its Value Add Fund, Ashcroft Capital also acquired Southside Villas, a community that offers one-, two- and three-bedroom units near Jacksonville’s downtown.

“We’re big believers in the Jacksonville metro for several reasons and absolutely intend to acquire more communities in this market,” Frank Roessler, founder & CEO of Ashcroft Capital, told Multi-Housing News. ”We always strive to invest in cities with heavy population growth from in-migration and that definitely describes Jacksonville.”

Roessler also told MHN that Jacksonville had a strong and diverse economy, including a strong financial and business sector, a rapidly growing healthcare industry and one of the largest trade ports in the country.

With the latest acquisition, Ashcroft Capital’s portfolio now totals more than 10,000 units in Jacksonville, Tampa and Orlando in Florida and the Dallas-Fort Worth area in Texas. The company is also looking to expand its Atlanta area portfolio as well as enter the Phoenix, Charlotte and Raleigh-Durham, N.C., markets.