Ashcroft Capital JV buys apartments in Atlanta

Elliot Norcross. Image courtesy of Ashcroft Capital

Ashcroft Capital and National Property REIT Corp. acquired Elliot Norcross, a 52-acre garden-style community in Norcross, Ga., from the Beitel Group.

The 687-unit property, located at 1355 Graves Road, was previously known as Vida Apartments by Arium. According to Yardi Matrix, the property offers one, two, and three-bedroom residences averaging 955 square feet. About 78 percent of units offer two or three bedrooms.

Existing community amenities include a pet park, resident pavilions, resort-style swimming pools, barbecue and picnic area, fitness center, soccer fields, game room, a playground and a business center.

The acquisition represents Ashcroft Capital’s first transaction with NPRC, and the companies are actively pursuing further acquisition opportunities. Elliot Norcross also marks Ashcroft Capital’s first acquisition in Norcross and the fourth in the company’s rapidly growing portfolio in the Atlanta Metro. Birchstone Residential, Ashcroft Capital’s in-house property management company, took over the day-to-day management of the community.

Value-added project

Birchstone intends to initiate renovation efforts at Elliot Norcross, with the work being managed in-house. The effort may involve updating and modernizing amenity spaces, improving curb appeal, updating landscaping, and implementing signage improvements. Home upgrades can include the addition of washer-dryer sets and other stainless steel appliances, new cabinet fronts, and improved lighting and plumbing fixtures.

Norcross is a small suburban community located about 30 minutes northeast of downtown Atlanta. It is also one of the fastest growing submarkets in the region, due to its location on the I-85 industrial corridor, one of the largest industrial districts in the Southeast and one from the major employment centers of the Atlanta metro. I-85, Buford Highway and Peachtree Industrial Boulevard connect Norcross to the larger city, providing residents with access for work or play.

Last month, Ashcroft Capital bought Anthem Town East in Mesquite, Texas. Birchstone Residential is also responsible for the management and renovations of this community.

Source link

Comments are closed.