Acquisition Marks Firm’s Entry into Sarasota Market
SARASOTA, Fla., Oct. 10, 2023 /PRNewswire/ — Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Halston Lakeside, a garden-style community in one of the fastest-growing regions on the Gulf Coast. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community.
Halston Lakeside (formerly Advenir at Gateway Lakes) features 358 apartment homes and marks Ashcroft’s first multifamily property in Sarasota and its ninth apartment community within Florida. The acquisition was completed through a new joint venture partnership with Iviron Capital.
“The Sarasota market aligns well with our Sun Belt growth strategy,” said Frank Roessler, founder and CEO of Ashcroft. “This is a region with a tremendous amount of favorable multifamily fundamentals. The metro ranked fourth in the nation for net in-migration in 2022 and has seen its population rise over 4% in the past three years. It also was not a difficult expansion for Ashcroft due to our existing multifamily presence in Tampa. Halston Lakeside represents a great opportunity for our management company, Birchstone Residential, to improve the quality of life for both existing and new residents through the implementation of our value-add business plan and excellent customer service.”
Halston Lakeside, which was initially built in 1996, offers one-, two- and three-bedroom homes with an average unit size of 968 square feet. Existing amenities include a resort-style swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground, dog park and sports court.
“Iviron is very pleased to partner with Ashcroft on this transaction in one of Florida’s most attractive residential markets,” said Thomas Christopoul, co-founder and managing partner of Iviron Capital. “Ashcroft’s capabilities, track record and company culture are true differentiators, and we expect Halston Lakeside to be an exceptional community for its residents and a profitable venture for its investors. We look forward to pursuing more opportunities together.”
Ashcroft’s renovation efforts will include a complete update and modernization of the amenity spaces, adding EV charging stations, improved curb appeal and upgrades to landscaping and signage. In-home renovations will include the additions of stainless-steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, matte black hardware, a smart home technology package and private yards for select ground-floor homes.
Situated at 1000 Marlin Lakes Circle, Halston Lakeside sits just west of Interstate 75, which provides residents with expedient access to the key employment hubs in Tampa/St. Petersburg to the north and Ft. Myers/Naples to the south. Residents also have prime access to downtown Sarasota, Sarasota’s local beaches, Sarasota Bradenton International Airport and University Town Center, which features more than 4 million square feet of high-end retail and various dining options. All are within a 20-minute drive from the community.
“The property has had a strong history of institutional ownership,” said David Deitz, president of Birchstone Residential. “The previous owner dedicated a substantial amount of capital to improvements. We believe we can take the next step and create a further modernized community that features higher-end finishes. We also believe the addition of tech packages to all units and private yards to select homes will further increase its appeal.”
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
Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that currently owns and manages 14,000 units – totaling $2.7 billion in value – 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. Ashcroft is driven by a focused mission to improve the quality of life of the residents at each community in its portfolio.
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.
About Iviron Capital Partners
Iviron Capital is a private real estate investment partnership focused on deploying capital with institutional developers and content providers such as hospitality brands, cuisine platforms, health and wellness firms and other amenity partners. Iviron invests in differentiated developments and value-add properties in core urban, suburban and resort markets across North America, Hawaii and the Caribbean. Investments are made on a proprietary basis and can represent different securities.
The firm enjoys an extensive track record over the past decade of investing profitably in multifamily, hospitality and mixed-used properties, representing more than $4.5B in total transaction value. Iviron maintains offices in Coral Gables, Fla., and is financed by the firm’s partners, high net worth family offices and Guggenheim Partners Investment Management, with whom the company has a more-than-10-year relationship.
For more information, please visit www.ivironcap.com.
SOURCE Ashcroft Capital
Originally published at https://www.prnewswire.com/news-releases/ashcroft-capital-announces-purchase-of-halston-lakeside-301951448.html
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