Ashcroft Capital closes new partnership backed by institutional investors

Ashcroft Capital has closed a strategic partnership with institutional investors including investment funds advised by Goldman Sachs Asset Management and Blackstone Strategic Partners.

The partnership will provide liquidity to existing investors across the Ashcroft portfolio in addition to funding future acquisitions. The partnership expects to invest in value-add multifamily properties throughout the Sun Belt markets, and Ashcroft anticipates that the partnership will acquire real estate assets with an aggregate cost of $800 million.

Ashcroft owns communities throughout Texas, Georgia and Florida, and is seeking to expand into the Carolinas, Arizona, Colorado, Tennessee and Nevada. Birchstone Residential, Ashcroft’s in-house property management affiliate, will manage all properties acquired by the partnership.

“We’re excited to partner with such highly respected and experienced institutional groups,” said Frank Roessler, founder and CEO of Ashcroft. �