Ashcroft Capital, a multifamily investment firm, has bought the Apartments at Midtown 501, a 248-unit garden-style community in Chapel Hill, N.C.
The previous owner of the community oversaw a renovation of the amenities and apartment homes in 2015, which will allow Ashcroft and Birthstone to focus on making operational improvements and performing light upgrades to the property. The transaction marks Ashcroft’s entry into the North Carolina market and is the first property purchased through the Ashcroft Value Add Fund III, which targets multifamily assets in select markets throughout the Sun Belt. Birchstone Residential, Ashcroft Capital’s property management company and construction affiliate, has assumed management of the community.
“In the case of Chapel Hill, this is a submarket with multiple demand drivers, which is something that we look for,” comments Scott Lebenhart, chief investment officer for Ashcroft Capital. “Combine those drivers with the limited availability of single-family homes in the area, and we believe the table is set for Midtown 501 to perform very well.”