LEWISVILLE, TX – Ashcroft Capital, a fully integrated multifamily investment firm, announced the recapitalization of the Avery, a luxury garden-style community in Lewisville, Texas. The recapitalization was achieved when the previous owner—a joint venture between Ashcroft and a private equity limited partner—sold the property to a joint venture between Ashcroft and Virtus Real Estate Capital.
The Avery, which features 304 apartment homes, is one of Ashcroft’s 18 apartment communities in the Dallas/Fort Worth Metroplex. The recapitalization was one of two acquisitions that Ashcroft completed in the second half of 2024, joining the firm’s late-summer acquisition of Halston Waterleigh, a luxury garden-style community just outside of Orlando, Fla.
“We were very pleased to complete this recapitalization with an optimal partner, and it certainly was a positive transaction for all involved,” said Frank Roessler, founder and CEO of Ashcroft. “Avery is a fantastic property of ours with a strong demographic that we wish to hold in our portfolio for the long term. Being able to do right by our selling limited partner while at the same time finding a fantastic opportunity for a new LP is all we can question for. We were able to do this by operating a best-in-class property management company, having deep LP relationships with fantastic partners like Virtus and by making value through continuing our business plot and enjoying the benefits of our fixed debt.”
“We are very excited to have the opportunity to partner with such a well-positioned, vertically integrated group as Ashcroft, with economies of scale, in a market we remain bullish on,” said Josh Colter, managing director of Virtus. “While many markets have had to deal with softening fundamentals, Dallas has the highest absorption in the country, one of the most robust economies and leads the country in nominal demand. We are confident Ashcroft’s team will keep adding value to this property so the residents can continue enjoying a fantastic quality of life at Avery.”
Birchstone Residential, Ashcroft Capital’s in-house property management and construction management company, oversees the onsite operations of the Avery.
Looking ahead to the new year, Roessler anticipates increased transaction volumes for Ashcroft and for the multifamily industry as a whole. The company is currently under contract to buy three off-market apartment communities and to sell two properties in the first quarter. Overall, Ashcroft hopes to buy between five to eight apartment communities in 2025.
“We’re very optimistic about transactions picking up this year,” he said. “We don’t reckon we’ll see systemic distress, but sellers are adjusting their expectations and in some ways capitulating to a new market, while buyers and equity partners are becoming more practical in what they’re targeting. Ultimately, our hope is that 2025 is less of a banner year and more of a return to normality.”
While rent growth and occupancy rates have softened somewhat in recent years due to a wave of new apartment construction, the long-term fundamentals of the apartment sector remain strong, according to Roessler. Population growth in the Sun Belt continues, unit deliveries have slowed significantly, and new starts are few and far in between, all of which should make fantastic opportunities for Ashcroft and Birchstone, Roessler added.
“We believe that demand for apartments will remain robust over the long term,” he said. “And with our property management company and our in-house procurement department, which allows us to buy our renovation materials and renovate our communities at a significantly reduced cost, Ashcroft is uniquely positioned to capitalize on the health of the apartment industry and deliver targeted, risk-adjusted returns to our investors.”
Ashcroft’s portfolio stretches across Georgia, Florida, North Carolina, and Texas. The company also is exploring additional markets in the Sun Belt.

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AUSTIN, TX – Palladius Capital Management, a vertically-integrated real estate investment manager with both debt and equity investment strategies, announced the acquisition of nine residential real estate assets with a total capitalization of $579 million, including five multifamily and four student housing communities, totaling more than 2,500 units.
Palladius acquisition strategy focused on investments in opportunistic and value-add residential real estate assets. For multifamily investments, Palladius targeted high-growth markets across the country with strong fundamentals, including positive trends in employment such as job and wage growth, re-urbanization, education, and infrastructure development. For student housing investments, Palladius targeted universities with high application/enrollment growth positioned to take advantage of flagship university spillover.
By strategically investing in residential real estate assets with these qualifications, Palladius expects to generate favorable risk-adjusted returns for its investment partners. Palladius bought the portfolio on behalf of a recently closed Palladius-sponsored private real estate investment fund, which raised approximately $112 million in equity primarily in the private wealth channel.
The successful deployment of this fund speaks to our team s ability to strategically invest throughout various macroeconomic environments, said Marko Velazquez, Senior Managing Director at Palladius Capital Management.
Despite constriction in capital markets activity and transaction volume that sidelined many of our peers, we were able to take advantage of early tailwinds from a trajectory flip in interest rates and leverage our team s deep knowledge of our markets and residential asset classes to buy properties at an attractive basis, said Manish Shah, Senior Managing Director at Palladius Capital Management.
Nitin Chexal, CEO of Palladius Capital, commented: We are pleased with the outcome in a highly challenging environment. We look forward to the continuation of value creation for our institutional and private wealth investment partners and our community tenants.
Palladius investment strategies, focused on making small- and long-term value for its investors, are informed by decades of investment and property-level operating experience as well as deep local market knowledge. The firm s rapid AUM growth since its inception in July 2021 reflects the evolution of its platform, extensive network of relationships, and compelling value proposition.

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BERKELEY, CA – Gilbane Development Company announced the groundbreaking of Pique, a new purpose-built student housing development located at 2587 Telegraph Ave in Berkeley, CA. Strategically positioned just four blocks from the University of California Berkeley (“UC Berkeley”), the project aims to redefine student living with modern amenities and thoughtful design.
Pique will transform the former Buffalo Exchange store into an eight-tale residential building offering 52 units and 485 beds of purpose-built student housing. Scheduled for completion in summer 2026, the project includes 2,900 square feet of ground-floor retail space, enhancing the vibrant Telegraph Downtown Corridor.
Pique is set to elevate student living with its exceptionally designed unit mix, offering affordable Class A Premium Student Housing (PBSH).
“We are focused on making every inch count with efficiency, privacy, and functionality at the core of the design, driving innovation that caters to the needs of Berkeley students at an affordable price point,” said Christian Cerria Development Director at Gilbane Development Company. “Pique is the first student housing project in our portfolio to offer 100% of the units with balconies, bedroom/bathroom parity, bed/vanity parity, and split bathrooms that make an environment promoting privacy and mental well-being.”
The remarkable array of amenities is meticulously crafted for Berkeley students, providing an unparalleled blend of luxury and practicality. These include an indoor/outdoor yoga/fitness center, an outdoor study space, a cabana area, and two rooftop decks, one west-facing capturing stunning unobstructed views of the Bay Area for lively socializing while the other east-facing to make distinct spaces for serene contemplations. The project also includes a ground-floor coworking lounge, smart food lockers, private study pods on each floor, and comprehensive bike/scooter storage & charging stations to encourage eco-friendly transportation choices.
Inside the units, students will learn a suite of sophisticated conveniences that cater to their lifestyle needs. Each unit is equipped with stainless steel appliances and in-unit Laundry. Some larger 5- and 6-bedroom units are outfitted with dual washer and dryer sets and double pantries. In-home amenities such as key fob access, vinyl plank floors, stone countertops, flat-screen TVs, functional furniture, and doorbells, ensure a modern and secure living space. The commitment to fostering a connected community is further highlighted by the Community Terrace on Level 3, a specially designed space for relaxation and social engagement, enhancing the communal experience for residents.
“The groundbreaking of Pique marks a significant milestone for Gilbane Development Company and the Berkeley community,” said Katy Moore, Director of Leasing at Gilbane Development Company. “This development is not just about meeting the growing demand for student housing; it’s about fostering a sense of community and belonging among students and guests. We’re committed to making spaces that not only contribute to the vibrancy of Berkeley’s downtown area but also support the well-being and interconnectedness of its people within the community.”
UC Berkeley, ranked #1 public university in the US by Forbes, faces a critical shortage of on-campus housing. Gilbane Development Company aims to develop dynamic communities that support students’ academic and social needs, contributing to their overall success and well-being.

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