Ashcroft Capital Announces Acquisition of Halston Four Corners and Halston World Gateway Apartments
Two communities add a combined 522 homes to company's Florida portfolio
ORLANDO, Fla., Oct. 25, 2021 /PRNewswire/ -- Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Halston Four Corners (formerly Landings at Four Corners) and Halston World Gateway (formerly Palms at World Gateway), two Orlando-area apartment communities featuring a combined 522 homes. Birchstone Residential, Ashcroft Capital's in-house property management company, has assumed management of both communities.
The communities were purchased through Ashcroft's $150 million Value-Add Fund. Halston Four Corners is situated in Davenport, about 25 miles southwest of Downtown Orlando. Halston World Gateway is located on the south side of Orlando just off Interstate 4, one of the city's primary thoroughfares. Ashcroft and Birchstone will perform various upgrades on each community.
"We continue to be strong believers in the Orlando market, and we're excited to add these two core-plus communities to our portfolio," said Frank Roessler, founder and CEO of Ashcroft. "Both Halston Four Corners and Halston World Gateway put residents in prime position to take advantage of Orlando's thriving job market and wide range of entertainment options, and we believe our capital improvements will improve the quality of life for our residents and make each community a more desirable place to live. Our property management arm likes to focus on providing an exceptional resident experience, and that's exactly what we'll do here."
The business plan will be similar at each community, as Ashcroft and Birchstone plan to repaint the properties, fully update and modernize the amenity spaces, add package locker systems and improve the overall curb appeal with landscaping improvements and signage upgrades. The renovations also will include the addition of several carports to provide additional covered parking options for residents.
Within the units, Ashcroft and Birchstone will modernize the communities by implementing several refined features and finishes. The renovations will include stainless steel appliances, quartz countertops, tile backsplashes, vinyl plank flooring, under-mount sinks, an upgraded lighting package and new cabinet fronts with modern pulls. Upgrades will also include the addition of in-home washers and dryers, screened balconies and private fenced-in yards for select units.
Halston Four Corners is situated at 1000 Ketner Street and features 270 apartment homes. Originally built in 2009, the commuter-friendly location provides residents convenient access to a wide range of high-level employers and world-class entertainment within the Orlando area via U.S. 27 and nearby I-4.
Halston World Gateway is located at 9000 Avenue Pointe Circle and offers 252 apartment homes. Originally built in 2008, the community's proximity to I-4 provides residents with prime connectivity to Downtown Orlando and key employers such as Disney, Universal Studios and AdventHealth.
Existing common-area amenities at both communities include a fitness center, resort-style pool, grilling stations, gated access, a resident clubhouse and business center. Additionally, Halston Four Corners features an indoor basketball court.
"These improvements combined with our innovative property management culture and our commitment to best-in-class customer service will drive outstanding property performance at these two communities," said David Deitz, president of Birchstone. "These are quality properties in a healthy apartment market, and we believe the stage is set for these two communities to thrive."
About Ashcroft Capital
Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm with over $1.5 billion of assets and more than 8,000 units owned throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros.
About Birchstone Residential
Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.
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SOURCE Ashcroft Capital
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