Ashcroft Capital Announces Acquisition of 284-Unit Elliot Gwinnett Place Garden-Style Apartment Community in Submarket Atlanta
NORCROSS, GA – Ashcroft Capital, a fully integrated, multi-family investment firm, announced the acquisition of Elliot Gwinnett Place (formerly Retreat at Arc Way), a garden-style community approximately 20 miles northeast of downtown city of Atlanta. Birchstone Residential, Ashcroft Capital’s in-house property management company, assumed the management of the community. The property was purchased through Ashcroft’s Value-Add Fund II.
The community, which includes 284 apartments, adds to Ashcroft’s growing portfolio in the Atlanta area. The company now has five communities in the area, all acquired in the past year, including two in Norcross. Ashcroft also has communities across Texas and Florida.
“We are strong believers in the Metro Atlanta market and will continue to grow our team and pursue opportunities in the region for the foreseeable future,” said Frank Roessler, founder and CEO of Ashcroft. “Norcross is one of the fastest growing submarkets in the region, in part due to its proximity to the city’s major employment areas and its popular school districts. We look forward to implementing our value-added strategy to modernize the community and reposition it as one of the most desirable options in the submarket.”
Located at 4025 Arc Way, Elliot Gwinnett Place is less than three miles from Interstate 85, a key thoroughfare that connects the greater metropolitan area. The community offers spacious one, two and three bedroom layouts and offers a peaceful respite from the busy areas of the city. It also offers easy access to nearby offices of Comcast, Amazon, Mitsubishi, and Hewlett-Packard, as well as the abundance of restaurants and shops in downtown Norcross.
Ashcroft’s renovation efforts at Elliot Gwinnett Place, originally built in 1988, will include a comprehensive update and modernization of amenity spaces, improved curb appeal, and improvements to landscaping and community signage. In apartments, Ashcroft will add stainless steel appliances, hard surface counters, tile backsplashes, vinyl plank flooring, upgraded lighting and plumbing fixtures, USB ports and new fronts. cabinets with modern handles. The previous owner recently renovated about 25% of the houses.
Existing community facilities include a swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground and laundry facilities. Existing apartment features include laminate countertops, white/black appliances, wood-style cabinet fronts, walk-in closets, private patios/balconies, and washer/dryer hookups. Homes remodeled by the previous owner feature various upgrades including granite counter tops and stainless steel appliances.
Elliot Gwinnett Place joins Elliot Norcross, located approximately seven miles away at 1355 Graves Road, in Ashcroft’s Norcross portfolio.
“We are delighted to add a second asset in Norcross, which has been a phenomenal location for us,” said David Deitz, President of Birchstone. “Our team looks forward to creating the best possible resident experience as we continue to grow the brand in the area. The community already offers an exceptional location, and we believe we can give it an even greater advantage.”