Ashcroft Capital Announces Acquisition of Birchstone Waterleigh

Orlando-Area Class-A Community Features 300 Apartment Homes

NEW YORK, April 23, 2025 /PRNewswire/ -- Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Birchstone Waterleigh, a luxury garden-style community in Winter Garden, Fla. Birchstone Residential, Ashcroft Capital's in-house property management and construction management company, is now providing services for the residents of the community, which was built in 2023.

The Class-A Birchstone Waterleigh (formerly Ascend Waterleigh Club) features 300 apartment homes and is located in the 22,000-acre Horizon West, one of the fastest-growing master-planned communities in the country. The community becomes Ashcroft's second multifamily property in Winter Garden (the company acquired the adjacent Halston Waterleigh in late summer 2024) and its seventh in metro Orlando. The acquisition was completed through a joint venture that includes Temerity Strategic Partners and Pearlmark.

"Birchstone Waterleigh is a Class-A luxury community with high-end interior design and resort-like amenities," said Frank Roessler, founder and CEO of Ashcroft. "This acquisition is another step in our ongoing pursuit of high-quality assets, and we could not be more excited to add this property to our portfolio. We continue to remain bullish on Orlando in general and Winter Garden in particular. When you combine the strong renter demand in this market with limited future apartment deliveries, it creates the exact opportunity we are seeking. Properties like this allow us to lean into our focus on excellent customer service with an emphasis on resident satisfaction and retention."

Located at 9405 Ascend Falls Drive, Birchstone Waterleigh features one-, two- and three-bedroom homes ranging from 782 to 1,563 square feet. Community amenities include a resort-style saltwater pool, coworking lounge, 24-hour fitness center, enclosed dog park, 24-hour emergency maintenance service, game lounge, outdoor barbecue grills and dining areas, parcel lockers with 24-hour access, EV charging station and housekeeping services. Homes feature stainless steel appliances, built-in microwaves, hardwood-style flooring, full-size washers and dryers, modern lighting, ceiling fans, gray quartz counters and walk-in closets.

"Ultimately, we were attracted to Birchstone Waterleigh for multiple reasons," said Scott Lebenhart, chief investment officer of Ashcroft Capital. "In addition to its obvious caliber, the community sits in a submarket that will see limited competitive new multifamily supply in the future because of its location in Horizon West and the restrictions of the master-planned community. Also, given its proximity to Halston Waterleigh and our other communities in the Orlando area, Birchstone Waterleigh should further enable us to create economies of scale and operational efficiencies in central Florida. Finally, the community is located in a top-rated school district that serves as a powerful draw for renters."

"Birchstone Waterleigh represents a great opportunity to acquire a high-quality, stabilized asset directly from the developer within the in-demand Horizon West master plan," said Stephen Quazzo, CEO and co-founder of Pearlmark. "The property also benefits from its proximity to Walt Disney World, top-rated schools, and will benefit from Birchstone Residential's experience in the market. Pearlmark is proud to acquire this best-in-class investment with our like-minded joint venture partners."

Birchstone Waterleigh is the first Ashcroft community to be rebranded with "Birchstone" in its name. Ashcroft plans to continue to rebrand Class-A properties it acquires with the Birchstone name.

In addition to Florida, Ashcroft owns communities throughout Texas, Georgia and North Carolina. The company is actively pursuing additional markets in the Sun Belt. 

About Ashcroft Capital
Established in 2015, Ashcroft Capital is a fully integrated multifamily investment firm that has $2.9 billion of multifamily assets, totaling just over 14,000 units, across several fast-growing Sun Belt metropolitan areas. The firm prioritizes capital preservation while aiming to deliver robust, risk-adjusted cash-on-cash returns to its investors. Supported by high-net-worth individuals, family offices and institutional capital, Ashcroft Capital specializes in value-add and core-plus multifamily properties. The company's approach emphasizes optimizing the value of each asset, and the firm focuses on acquiring top-tier apartment communities in prime submarkets of large, expanding U.S. cities. Ashcroft is committed to enhancing the living standards of the residents in every community it manages.

About Birchstone Residential
Birchstone Residential serves as the internal property management arm of Ashcroft Capital, offering a full suite of essential services, including leasing, maintenance and construction management. Specifically designed to implement the value-add strategy for Ashcroft's properties, Birchstone focuses on maximizing financial returns while ensuring high levels of resident satisfaction. With a strong commitment to fostering a people-first culture, the company emphasizes employee growth through training, job enrichment and accelerated career development. Birchstone is dedicated to delivering exceptional service that not only attracts new residents but also enhances the quality of life of existing residents.

About Temerity Strategic Partners
Temerity Strategic Partners ("TSP"), headquartered in Chicago with offices in New York, is a real estate private equity firm focused on providing programmatic co-general partner (co-GP) capital to real estate operating, development, and asset management companies on behalf of its principals and a distinguished group of private and institutional investors. TSP provides growth capital, strategic resources, and access to TSP's extensive relationships to support rapidly growing, market leading real estate owners and operators executing development, value-add, and core-plus strategies throughout the United States. Founded by industry veterans Bruce Cohen and Jeff Citrin, TSP leverages its experience in building, capitalizing, and investing in preeminent real estate operating platforms to support the pursuit of their long-term objectives. For more information, please visit www.temeritystrategic.com.

About Pearlmark
Pearlmark is a Chicago-based investment firm that targets domestic core-plus to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, the Pearlmark team has sponsored more than 15 real estate equity and debt investment programs and completed 597 real estate equity and debt transactions on behalf of investors, representing $6.0 billion in equity capital commitments, $14.7 billion in gross investment value, and 167 originated loans aggregating over $2.2 billion in commitments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities nationwide across various property types (primarily industrial and multifamily). For more information, please visit https://www.pearlmark.com.

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SOURCE Ashcroft Capital