JACKSONVILLE, FL – Ashcroft Capital, a fully integrated multifamily investment firm, announced its acquisition of Elliot Baymeadows, a garden-style apartment community in the Royal Lakes neighborhood of southern Jacksonville. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.
Elliot Baymeadows, which offers 352 apartment homes, boasts a convenient location just east of Interstate 95 and within a quick commute of the key retail districts of Jacksonville and St. Augustine. The property was bought through Ashcroft Capital’s new $150 million Value Add Fund, and it becomes Ashcroft’s second community in Jacksonville, joining Southside Villas, which is located just south of downtown. Ashcroft will perform a series of interior and exterior renovations at Elliot Baymeadows, which was originally built in 1986.
“We are huge believers in the Jacksonville market, and we look forward to augmenting our presence in the city,” said Frank Roessler, founder and chief executive officer of Ashcroft Capital. “We believe Elliot Baymeadows has a tremendous upside with its opportune location within a desirable, commuter-friendly neighborhood. The community already possesses a charm of its own, and our plotted upgrades will deliver the quality finishings that residents of this submarket have come to expect.”
Since its inception, Ashcroft Capital has bought more than 10,000 units in Jacksonville, Dallas-Fort Worth, Orlando, Fla., and Tampa, Fla. Last month, the company also entered the metro Atlanta market with its acquisition of Halston Riverside, and it continues to pursue acquisition opportunities there. Ashcroft Capital is also looking to enter the Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix markets.
The in-home renovations at Elliot Baymeadows will include the installation of quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, vinyl plank flooring, new lighting and plumbing fixtures and a refreshed color scheme. Refurbishments are also plotted for the community’s clubhouse and fitness facilities, while building exteriors will be repainted. The community’s amenities package will be enhanced as well by converting tennis courts to sports courts and adding package locker systems.
Situated at 9480 Princeton Square Boulevard S, Elliot Baymeadows is within moments of several fine dining options, a Publix Supermarket and the St. Johns Town Center open-air mall. Residents can access I-95 and nearby Routes 152 and 115 to easily travel to nearby white sand beaches, a wide array of schools and several key locales throughout the metropolitan area.
“We’re not shy in our ambition to stand out as one of the top living options in the market,” said David Deitz, president of Birchstone. “We look forward to implementing our signature brand of people-first service at the community and are keen to connect with our newfound residents. The location with the lake views and simple commuter options speaks for itself. Without a doubt, Elliot Baymeadows will be a leading property within this submarket of Jacksonville.”
Elliot Baymeadows offers a variety of one- and two- bedroom apartment homes, ranging in size from 500 to 1,100 square feet. Apartment homes feature nine-foot ceilings, energy-efficient appliances, breakfast bars, in-home washers and dryers, large closets and private patios or balconies.
Common-area amenities at the pet-friendly community include a 24-hour fitness center, two swimming pools, courtyard, picnic and grilling areas, waterfront, two tennis courts, playground and pond. Residents also have access to bike storage and a package-delivery service.

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GREENSBORO, NC – Bell Partners, one of the nation’s leading apartment investment and management companies, has bought Century Plantation Pointe, a 260-unit apartment community located in Mooresville, N.C. The property, bought on behalf of the firm’s Fund VII investors, will be renamed Bell Lake Norman, and will become the 79th property Bell Partners currently owns or manages in its home state of North Carolina.
Built in 2014, Bell Lake Norman is a garden-style apartment community positioned along the I-77 corridor. The community offers residents access to several major employment centers including Uptown Charlotte, Huntersville, Cornelius and Davidson. Over the past decade, Mooresville has witnessed a diversification of its economy, and has seen an expansion of major industries including manufacturing, healthcare, financial services, logistics and distribution, information technology, and agriculture. Major employers close to the community include Lake Norman Medical Center, NGK Ceramics USA, BestCo, Pactiv Corporation, and the corporate headquarters of Lowe’s.
Bell Lake Norman also provides convenient access to lifestyle amenities centered around the highly desirable Lake Norman – the largest lake in North Carolina. Nearby local retailers include Publix, Harris Teeter, Sam’s Club, and dozens of local and national eateries.
“The acquisition of Bell Lake Norman represents a continuation of our strategy to buy quality properties in growing submarkets of our target markets where we can make additional value by making physical improvements to common areas and apartment interiors,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The Charlotte region continues to experience significant growth driven by job relocations, lower cost of living and a warm climate, which should support favorable growth in renter demand during our investment period.”
Bell Lake Norman’s community amenities include a coffee shop, saltwater pools with an outdoor kitchen, a community clubhouse with a lounge, a fitness center, a pet washing station, a car care center, an onsite clothing care facility, and 24/7 package access with Amazon HUB Lockers. Each unit has private patios, washer and dryer connections, walk-in closets, sleek black appliances, and ceiling fans in bedrooms and living rooms. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.
Bell Lake Norman has also earned Green Globes Multifamily for Existing Buildings Certification.

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LAS VEGAS, NV – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Norterra Canyon in North Las Vegas, NV. The firm bought the property in 2018, through a joint venture with a subsidiary of Cantor Fitzgerald Investors and the sale closed on April 27, 2021. The transaction marks the firms ninth sale in Las Vegas and first DST disposition.
Norterra Canyon was built in 2007 and is located at 5005 Losee Road in North Las Vegas. The property comprises 426 one-, two-, and three-bedroom units averaging 1,076 square feet. Units feature granite countertops, energy star appliances, walk-in closets, patios and balconies, and washers and dryers. Community amenities include a resident lounge, business center, bocce ball, two resort-style pools with cabanas, putting green, and fitness center.
During their ownership, Hamilton Zanze improved resident amenities, including enhancements to the pool area and clubhouse, and completed unit renovations by installing faux wood flooring and upgraded lighting fixture to improve leasing efforts and increase rental rates. At the time of sale, Norterra Canyon was 95% occupied.
“The Las Vegas market is as strong as it’s ever been,” said Anthony Ly, director of dispositions at Hamilton Zanze. “Population growth coupled with strong supply and demand fundamentals allowed us to do our business plot and for the property to thrive.”
“The timing was just right,” said Chris Milner, Head of Cantor Fitzgerald Investment Management. “The profitable sale of the property allowed us to deliver an attractive return for our investors.”
Norterra Canyon is located in the North Las Vegas submarket of the Las Vegas metro area. Despite stay-at-home orders brought on by the coronavirus pandemic, the economy has started to rebound as unemployment rates continue to decrease. Occupancy in the submarket registered 96.5% and demand in the Las Vegas metro outpaced supply 4,947 units to 2,875 units as of Q4. Annually, rent performance was strongest in the North Las Vegas submarket, registering at 6.9% year-over-year. After the effects of the pandemic subside, economic and job growth are projected to continue in the metro. Norterra Canyon is located 8.0 miles (18-minute drive) north of Downtown Las Vegas, providing direct access to major employers and entertainment.

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