Chancellors Group to launch Swindon branch

PropertyWire | January 07, 2020

Chancellors Group to launch Swindon branch
Chancellors Estate Agents will open a branch in Swindon in February 2020. Situated on the town’s busy Commercial Road, the branch will offer services including sales, lettings, property management, commercial property, new homes and financial services. Chancellors Swindon represents a move into a new county and brings the number of counties covered by the group to eight. Robert Scott-Lee, managing director, Chancellors, said: “We’re excited to be launching Chancellors Swindon in 2020. The group is well positioned to bring our services to this new market after a positive 2019. The final quarter has seen an increase in new applicant registrations and viewings and encouraging signs of an improvement in the market.

Spotlight

In 2019, Morgan Stanley Real Estate Investing (MSREI) believes economic growth will moderate globally and diverge across major markets, while interest rate policies are expected to converge and financial conditions will likely tighten. The combination of lower macroeconomic growth and higher interest rates will likely lead to lower commercial real estate returns broadly as a result of moderating real estate fundamentals and flat to marginally higher cap rates. However, returns will likely be more differentiated by market and sector, requiring investment managers to be more discerning in defining optimal investment strategies and deploying capital against those strategies.

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REAL ESTATE INVESTMENT

Ashcroft Capital Announces Acquisition of Elliot Norcross

Ashcroft Capital | December 06, 2021

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NPRC, the majority equity investor in this transaction, focuses on acquiring tenant diversified real estate assets and, as of Sept. 30, 2021, owned 51 multifamily properties with over 20,000 units across the U.S. The off-market acquisition represents Ashcroft Capital's first transaction with NPRC, and the companies are actively seeking further acquisition opportunities to pursue together. Elliot Norcross also marks Ashcroft Capital's first acquisition in Norcross and the fourth in the company's rapidly growing Atlanta-metro portfolio. "We're excited to team up on this acquisition with NPRC, which, over the past decade, has acquired 73 communities similar to Elliot Norcross, Together with NPRC, we look forward to taking over this property because we feel it offers significant upside potential based on remaining capex and strong submarket rent growth. Only 30% of the units have been renovated, which provides the opportunity to add value by upgrading the classic units. Additionally, Norcross is becoming more and more desirable due to its proximity to Atlanta's employment centers and its highly-rated school districts." - Frank Roessler, founder and CEO of Ashcroft. Norcross has become a sought-after submarket due to its location directly amidst Atlanta's I-85 industrial corridor, which is one of the largest industrial districts in the Southeast and represents one of the metro's primary employment centers. Prominent employers in the Gwinnett County submarket include Comcast, Amazon, Mitsubishi, Hewlett-Packard, and Asbury Automotive. "Elliot Norcross marks our first joint venture with a major institutional partner and represents a significant expansion of our institutional platform, We're eager to partner with NPRC on an asset that we believe has significant operational upside and value-add potential in a vibrant, on-the-rise submarket. Furthermore, our emerging presence in the Atlanta market gives us the manpower and the infrastructure to deliver high levels of resident satisfaction and strong asset performance across the metro area." - Bill Kay, managing director of capital markets for Ashcroft Capital. Renovation efforts at Elliot Norcross, which will be executed by Birchstone's construction team, are expected to include further updating and modernizing the amenity spaces, improving curb appeal, updating landscaping, and implementing signage upgrades. In-home anticipated improvements include the addition of stainless-steel appliances, luxury laminate countertops, tile backsplashes, vinyl plank flooring, new cabinet fronts with modern pulls, and upgraded lighting and plumbing fixtures. New management also plans to add washer-dryer sets to approximately 600 homes. Situated across 52 acres, Elliot Norcross was built in two phases beginning in 1972, and offers spacious one-, two- and three-bedroom homes with an average unit size of 1,021 square feet. Eighty-five percent of the homes are of the two- and three-bedroom variety, including 128 townhomes. Existing community amenities include two resident clubhouses, two resort-style swimming pools, picnic and grilling stations, fitness center, two soccer fields, play area, and business center. About Ashcroft Capital Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired 43 communities comprising 13,000 units since its inception and now has $1.7 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 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. About National Property REIT Corp. National Property REIT Corp. (NPRC) is a REIT that acquires tenant-diversified real estate assets with a particular focus on multifamily real estate. NPRC may acquire real estate assets directly or through joint ventures alongside operating partners. NPRC's current multifamily portfolio consists of 51 properties with a market value of $3.3 billion as of September 30, 2021, located in 14 different states throughout the US. NPRC is actively seeking to capitalize on a combination of factors that underpin compelling investment opportunities in Class B/C multifamily suburban workforce housing properties located in secondary and tertiary markets in the United States as well as pre-stabilized new construction projects throughout the United States.

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REAL ESTATE TECHNOLOGY

WHI Real Estate Partners L.P. Confirms Final Closing of WHI Real Estate Partners V, L.P. with $385 Million in Capital Commitments

WHI Real Estate Partners | May 07, 2021

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Rocket Mortgage Introduces New Tech Platform to Empower Real Estate Agents

prnewswire | October 12, 2020

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Spotlight

In 2019, Morgan Stanley Real Estate Investing (MSREI) believes economic growth will moderate globally and diverge across major markets, while interest rate policies are expected to converge and financial conditions will likely tighten. The combination of lower macroeconomic growth and higher interest rates will likely lead to lower commercial real estate returns broadly as a result of moderating real estate fundamentals and flat to marginally higher cap rates. However, returns will likely be more differentiated by market and sector, requiring investment managers to be more discerning in defining optimal investment strategies and deploying capital against those strategies.