REAL ESTATE INVESTMENT
Ashcroft Capital | June 20, 2022
Ashcroft Capital, a New York-based fully integrated multifamily investment firm, and SFO Capital Partners, a London-based global real estate investment management firm, today announced their joint acquisition of Elliot Gateway (formerly Discovery Gateway), a garden-style community located in Marietta, Ga., one of metro Atlanta's thriving suburbs. The transaction marks the first joint venture between the two companies.
The community features 388 apartment homes and marks Ashcroft's sixth community in metro Atlanta, a market the company entered just more than a year ago, and SFO Capital Partners' 19th acquisition in the U.S. housing sector. Birchstone Residential, Ashcroft Capital's in-house property management company, has assumed day-to-day management of Elliot Gateway.
We are honored to partner with such a respected institutional firm as SFO Capital Partners, and we look forward to expanding this relationship in the future. We are also excited to expand our presence in the Atlanta market. Atlanta is a market with exceedingly positive multifamily fundamentals that bode well for our value-add strategy."
Frank Roessler, founder and CEO of Ashcroft
Mohamad Abouchalbak, CEO of SFO Capital Partners, said: "We are thrilled to partner with Ashcroft Capital on this exciting acquisition in Atlanta, a metro with robust macroeconomic fundamentals, favorable demographics and a clear growth outlook. To date, SFO Capital Partners has acquired over USD1 billion of U.S. housing assets comprising more than 7,500 units located across the nation's fastest growing metro areas. This has demonstrated our continued conviction in the sector. We are looking forward to growing our successful partnership with Ashcroft Capital."
Elliot Gateway sits in the South Cobb/Cumberland Galleria submarket in Marietta. The booming submarket is home to a large and growing concentration of office space, a robust inventory of industrial properties, a substantial number of military personnel supporting Dobbins Air Reserve Base and highly regarded public schools. According to census data, the submarket has added the highest number of renter households with a bachelor's degree of any metro Atlanta submarket in recent years, helping drive demand for high-end apartments in the area. The submarket is also home to Truist Park (home of the Atlanta Braves) and the surrounding Battery Atlanta mixed-use development. Fortune 500 companies with offices in the area include TKE, Synovus, Genuine Parts, Comcast and HD Supply.
"This tremendous submarket combined with our renovation plans, our growing 'boots on the ground' in Atlanta and the operational expertise of Birchstone Residential all set the stage for Elliot Gateway to excel and become one of the most desired apartment communities in the area," said Scott Lebenhart, chief investment officer at Ashcroft Capital. "This property and the surrounding area have so much going for them that we could not be more bullish about how Elliot Gateway will perform moving forward."
In-home improvements, which will be executed by Birchstone's construction team, will include the addition of quartz countertops, stainless steel appliances, tile backsplashes, faux-wood flooring, upgraded plumbing and lighting fixtures, new cabinet fronts with brushed nickel pulls and 2-inch faux-wood blinds. Other improvements will include a landscaping update, the replacement of pool-area furniture, the installation of a package locker system and the implementation of a valet trash service.
Situated at 720 Franklin Gateway SE, Elliot Gateway was built in 1984 (30 of the units were constructed in 2021). The gated property offers one-, two- and three-bedroom homes. Community amenities include a resort-inspired swimming pool, a new clubhouse and fitness center, playground, soccer field, outdoor kitchen and barbecue area.
About Ashcroft Capital
Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired more than 14,600 apartment homes spanning nearly 50 communities since its inception. It now has approximately $2 billion in assets under management throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros.
About SFO Capital Partners
SFO Capital Partners is a London-based global real estate investment management firm focused on investing in high quality assets acquired at attractive valuations with a clear path to value creation. SFO Capital Partners adopts disciplined investment strategies organized by asset classes and geographies. SFO Capital Partners hands-on approach to investing combines entrepreneurial agility with best-in-class practices, consistently delivering superior risk adjusted returns to its private and institutional investors. SFO Capital Partners has acquired in excess of USD2.0 billion of assets located in Europe and the USA (as of May 2022).
About Birchstone Residential
Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.
REAL ESTATE INVESTMENT
DJE Texas Management Group | June 14, 2022
DJE Texas Management Group (DJE), a vertically integrated real estate investment and management company based in San Antonio, has closed on The DJE North Portfolio.
The North Portfolio contains 600 apartment units throughout three apartment communities in North Central San Antonio. The properties are located at
12221 Blanco Road
7302 University Row
8631 Fairhaven Street
The three properties are conveniently located within 15 minutes of each other and are situated ideally amongst DJE's other multifamily properties in the same submarket. DJE Properties, will manage the asset and execute a $5.2M value add business plan that includes a rebrand, property renovations, and operational improvements. Renovations will include the addition of washer/dryer units, amenity upgrades in all units, exterior community building and swimming pool upgrades.
This multi-property renovation project will not only enhance the communities in which they are located, but it will also help to meet the city's growing need for quality housing."
Devin Elder, Founder, and CEO of DJE Texas Management Group
The majority of property improvements are expected to be completed by the end of 2023. To date, the organization has invested in over 5,000 apartment units across 17 multifamily real estate assets. and continues to expand its portfolio. DJE Texas Management Group holds firm to its core values and strives to create passive investment strategies where everyone involved wins.
About Devin Elder and DJE Texas Management Group
Devin Elder is Founder & CEO of DJE Texas Management Group, a vertically integrated multifamily investment firm based in San Antonio, Texas. Since 2012, the firm has completed hundreds of successful investment projects including many full-cycle multifamily investments. Devin has led his team in the renovation projects that have improved over 5,000 multifamily units. He is a helicopter pilot, a podcast host, and the owner of a real estate consulting firm, and he spearheads the DJE Foundation supporting disadvantaged children in Texas and the Philippines.
REAL ESTATE INVESTMENT
JLL Income Property Trust, Inc. and LaSalle Investment Management | August 10, 2022
JLL Income Property Trust, an institutionally managed daily NAV REIT with approximately $6.8 billion in portfolio assets announced today the acquisition of Silverado Square, a 48,000-square-foot retail center in Las Vegas, Nevada. The retail property is anchored by Sprouts Farmers Market, shadow anchored by CVS, and includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Silverado Square was acquired for $24.4 million.
"Silverado Square is a well-located property that fits within our thesis of acquiring high-quality, grocery-anchored retail centers, Its location next to two major thoroughfares and near a large master-planned community, along with its strong tenant roster and long-term lease commitments, should bode well for the center's continued success in generating stable income. As we saw throughout the pandemic, grocery-anchored retail is resilient, and can continue to provide returns for our stockholders throughout volatile market conditions."
-JLL Income Property Trust President and CEO Allan Swaringen
Constructed in 2018, Silverado Square benefits from a highly visible location on two thoroughfares in the Silverado Ranch master-planned community, which is home to more than 55,000 people. The property ranks in the top quartile of LaSalle Research & Strategy's proprietary Supermarket Trading Area Rating System (STARS), which ranks more than 40,000 grocery-anchored retail centers in the US. The high score owes to Silverado Square's proximity to population density and median income that are both above the national average. The property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. Overall, the property is 98 percent leased.
The fully entitled parcel, directly to the east of the existing structures, provides JLL Income Property Trust with the opportunity to build nearly 5,000 square feet of additional retail space and drive further net operating income. The new building will be leased by three tenants and is scheduled for completion later this year.
JLL Income Property Trust's grocery-anchored retail allocation is 23 properties in 13 key markets valued at nearly $850 million and representing approximately 13 percent of its overall portfolio.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
About JLL Income Property Trust, Inc.
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $82 billion of assets in private and public real estate property and debt investments as of Q1 2022. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.