The purchase of a 312-unit community expands the apartment owner's footprint in Atlanta.
FREMONT, CA: Elliot Roswell (previously River Crossing at Roswell), a garden-style apartment community in the Atlanta suburb of Roswell, has been acquired by Ashcroft Capital, a fully integrated multifamily investment group. The community has leased out by Birchstone Residential, Ashcroft Capital's in-house property management firm.
The purchasing of property with 150 million dollars from Ashcroft Capital's Value-Add Fund is Ashcroft Capital's second apartment community in metro Atlanta (In April it purchased the 412-unit Halston Riverside in Lawrenceville).Since its inception, Ashcroft Capital has acquired over 11,000 units in Dallas-Fort Worth, Orlando, Tampa, and Jacksonville, Florida, and is now looking for possibilities in Atlanta, Charlotte, North Carolina, Raleigh-Durham, North Carolina, and Phoenix.
"We are happy to plant roots in one of Atlanta's best suburbs," said Frank Roessler, founder, and chief executive officer of Ashcroft Capital. "With its abundant green space and proximity to many of the metro's thriving employment centers, Roswell is a highly desirable location for renters. And with our planned improvements and experienced property management team, Elliot Roswell will be better positioned to capture this growing demand and offer a best-in-class living experience. We are very excited about the future of Elliot Roswell and its performance moving forward."
Among the proposed common-area modifications are constructing a dog park and improvements to the pool area to make it more kid-friendly. Meanwhile, Faux-granite laminate worktops, designer sinks, stainless steel appliances, faux-wood flooring, new cabinet fronts, updated plumbing, contemporary lighting fixtures, USB ports, and tile installation backsplashes will be done as part of the in-unit improvements.In addition, repainting the homes and select ones will have washer-dryer sets and private yards.
Elliot Roswell is located at 1450 Raintree Way, near GA-400, and offers homeowners easy access to Perimeter Center, one of Atlanta's most significant job hubs, as well as Alpharetta, the metro's main tech center.The community is also close to several highly regarded institutions, including Centennial High School. In addition, Roswell voted one of the greatest suburbs to live in America by Niche.com, thanks to its over 800 acres of green space, award-winning park system, and location along the Chattahoochee River.
"Our goal is ambitious but straightforward: we will make Elliot Roswell the top living option in its submarket," said David Deitz, president of Birchstone. "Together, the property's can't-beat location and our renovations platform, as well as our 'People-First' service, will prove to be a powerful combination that will enable us to raise the bar with the living experience at Elliot Roswell."
Elliot Roswell has apartment houses with one, two, three, and four bedrooms and 54 townhome layouts. The units are from 900 to 1,925 square feet in size. Families with children will like the more extensive floor plans.