NORCROSS, GA – Ashcroft Capital, a fully integrated multifamily investment firm, announced the acquisition of Elliot Gwinnett Place (formerly Retreat at Arc Way), a garden-style community approximately 20 miles northeast of Downtown Atlanta. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community. The property was bought through Ashcroft’s Value-Add Fund II.
The community, which features 284 apartment homes, adds to Ashcroft’s burgeoning Atlanta-area portfolio. The company now has five communities in the area, all bought within the last year, including two within Norcross. Ashcroft also owns communities throughout Texas and Florida.
“We’re huge believers in the Atlanta metro market, and will continue to grow our team and pursue opportunities in the area for the foreseeable future,” said Frank Roessler, founder and CEO of Ashcroft. “Norcross is among the fastest-growing submarkets in the area, due in part to its proximity to the city’s key employment sectors and its highly rated school districts. We look forward to implementing our value-add strategy to modernize the community and reposition it as one the most desirable options in the submarket.”
Located at 4025 Arc Way, Elliot Gwinnett Place sits less than three miles from Interstate 85, a key artery that connects to the greater metropolitan area. The community features spacious one-, two- and three-bedroom layouts and provides a silent respite from the bustling areas of the city. It also offers simple access to the nearby offices of Comcast, Amazon, Mitsubishi and Hewlett-Packard, as well as the abundance of eateries and shops within downtown Norcross.
Ashcroft’s renovation efforts at Elliot Gwinnett Place, initially built in 1988, will include a full update and modernization of the amenity spaces, improved curb appeal and upgrades to landscaping and community signage. Within the apartment homes, Ashcroft will add stainless steel appliances, hard-surface countertops, tile backsplashes, vinyl-plank flooring, upgraded lighting and plumbing fixtures, USB ports and new cabinet fronts with modern pulls. The previous owner recently renovated approximately 25% of the homes.
Existing community amenities include a swimming pool, resident clubhouse and business center, fitness center, picnic areas, playground and laundry facility. Existing apartment features include laminate countertops, white/black appliances, wood-style cabinet fronts, walk-in closets, private patios/balconies and washer/dryer connections. Homes renovated by the previous owner feature various upgrades, including granite countertops and stainless steel appliances.
Elliot Gwinnett Place joins Elliot Norcross, located about seven miles away at 1355 Graves Road, in Ashcroft’s Norcross portfolio.
“We are thrilled to add a second asset in Norcross, which has been a phenomenal location for us,” said David Deitz, president of Birchstone. “Our team looks forward to making the best possible resident experience as we continue to build the brand in the area. The community already offers a stellar location, and we believe we can give it an even greater upside.”

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ORLANDO, FL – JLL Income Property Trust, an institutionally managed daily NAV REIT with more tham $6.3 billion in portfolio assets and 119 properties, announced the acquisition of Jefferson Lake Howell, a newly constructed, class-A apartment community in the northern Orlando suburb of Casselberry, Florida. This amenity-rich, lakefront, 384-unit garden-style apartment community was bought for approximately $154 million.
“This addition to our growing residential portfolio, an overweight portfolio allocation for us, aligns with our strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO. “The community’s proximity to high paying employment centers and top-rated schools, limited supply of competitive properties along with minimal developable land in the area for new apartments, along with the region’s consistently low vacancy rates made this an attractive investment that we believe will drive long-term, stable cash flow for our portfolio.”
Swaringen also noted, “Orlando apartment demand was highly resilient and remained positive even during the pandemic-induced recession of 2020, despite deep job losses due to a decline in tourism. Then, in 2021, occupied units grew by a record 7 percent and rents increased 26 percent ranking seventh for recent rent growth among 162 markets tracked by LaSalle.”
Located less than 10 miles north of Downtown Orlando, Jefferson Lake Howell provides residents with simple access to highways serving major employment and transportation nodes via Interstate Highway 4 and State Road 17, along with nearby retail amenities including a Publix-anchored shopping center, a Walmart Supercenter and numerous dining and entertainment options.
The Orlando apartment market is a LaSalle Research & Strategy recommended overweight for core investment given its strong in-migration trends, limited for-sale housing stock and record-low residential vacancy rates. Orlando’s population is forecasted to grow 1.9 percent through 2026, well above the US average of 0.7 percent, while vacancy currently sits at a record-low 2.1 percent, below its 20-year average of 5.6 percent. The property is also within three miles of highly rated schools that are part of Seminole County’s school system, which ranks in the top five in Florida.
JLL Income Property Trust’s aggregate residential allocation is now over $2.7 billion, with more than 9,900 residential units across 24 apartment communities and a 14-market single-family rental portfolio representing 43 percent of its $6.3 billion property portfolio.

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PRINCETON, TX – HLC Equity, a national real estate investment and property management firm, has announced the buy of Southgate Apartments, a 156-unit, new construction community located in Princeton, Texas.
Southgate Apartments, the latest Class A acquisition for HLC Equity, is located adjacent to the high growth McKinney area of Dallas. The city is undergoing significant economic expansion due to growth in key industries. For the past decade, McKinney has maintained a consistent presence on the list of fastest growing cities in the nation.
The Southgate Apartments community was completed in Q1 of 2022, when HLC Equity secured the off-market opportunity from a relationship with the developer, who specializes in the local DFW market. Inheriting the lease-up component has allowed HLC Equity to generate a better yield and is expected to stabilize at a 5% cap rate. The property offers residents exclusive, never-lived-in units plus a variety of distinguished amenities. From an expansive resort-style pool and clubhouse to a state-of-the-art fitness center and a dog park, Southgate provides residents with a heightened experience, regardless of their style or preference.
“We are excited to add Southgate to our expanding Dallas portfolio. This opportunity was sourced off-market through our relationships with an experienced local developer. This community hits right in our target of acquiring high quality assets in growing markets with the high potential to outperform.” commented Daniel Farber, CEO of HLC Equity.
Southgate Apartments will be managed by HLC Equity’s internal property management team and will implement many features developed by its Layers brand. Layers endeavors to increase property value and resident experience by providing certain unit upgrade options, integrating the company’s innovative technology and offering onsite/offsite services to further benefit residents and community at large.

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