Ashcroft Capital, an integrated multifamily investment firm, and National Property REIT Corp., a full service REIT, has acquired Elliot Norcross. Norcross is a garden-style community located in the Atlanta metro area.
Elliot Norcross has 687 apartments units in proximity to Interstate 85 and the industrial district of Atlanta. The property is located across 52 acres and includes two and three bedroom homes with various community amenities. Future plans for renovation are expected to update and modernize the property.
Going forward, Birchstone Residential, Ashcroft Capital’s in-house property management company, will manage the day-to-day operations and oversee the renovation and construction efforts. This is the first transaction between the two acquiring firms and the fourth transaction in Ashcroft’s Atlanta portfolio.
“Ashcroft Capital has grown an impressive multifamily portfolio in the Atlanta metro over the past two years by strategically acquiring older vintage workforce housing communities that have significant upside potential via renovation programs and the implementation of operational efficiencies,” said Casey Chayet, an investment professional on the NPRC team. “NPRC is pleased to team up with Ashcroft on this acquisition, and we fully expect Ashcroft to reposition Elliot Norcross as a best-in-class community within the fast-growing Norcross submarket.”