SAN DIEGO, CA – MG Properties, a private San Diego-based real estate investor, owner, and operator is further expanding their presence in the Orange County, CA with the acquisition of The Herald Apartments.
Built in 2021, this 215-unit community is a rare opportunity to buy a “class A” asset in Placentia. The strong demographics of the surrounding area make The Herald’s exceptional amenity package and high-quality finishes well suited to the market.
Jeff Gleiberman, MG Properties’ Managing Director, said “The Herald is ideal addition to our Southern California portfolio. We believe Orange County has strong fundamentals and is positioned well for growth in the near term.”
The seller, Lyon Living, was represented by Mark Peterson, Joseph Smolen, Geoff Boler and Jonathan Merhut of Eastdil Secured. The property was financed by Affiliates of Apollo Global Real Estate Management L.P., originated by Lee Redmond and Greg Stampley also of Eastdil Secured.

Powered by WPeMatico

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.”

Powered by WPeMatico

PETERSBURG, FL – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that Bay area high-rise Ascent St. Pete celebrated its topping off on April 29. Rising higher than any other rental community in the Tampa Bay region, Ascent St. Pete provides residents incredible, 360-degree views of Tampa Bay as well as the Gulf of Mexico. The project will feature outdoor pool amenities at both the sixth and 36th floors.
“Located in the heart of St. Petersburg, Ascent will provide an unparalleled rental housing experience in the Tampa Bay region,” David King, Senior Director of Development, said. “It has a creative and eccentric interior that complements its modern exterior, which is emphasized by expansive glass balconies at nearly every unit. Overall, Ascent connects with St. Pete’s vibrant energy and makes an environment where residents can feel like they vacation where they live.”
The podium-style high-rise will reach 36 tales with 357 units that feature floorplans that include studios, one-, two- and three-bedrooms as well as penthouse units with elevated finishes and access to dedicated penthouse amenities. Ascent St. Pete boasts a 94 percent walkability score.
Partnering with AC by Marriott, the mixed used project includes a 172-key hotel which will allow Ascent St. Pete to augment the resident experience with shared outdoor amenities and services. The hotel will also feature a separately branded restaurant on the eighth floor with an outdoor terrace and bar.
The high-rise also contains more than 6,800 sq. ft. of ground-level retail space along First Ave. and 2nd Street North.
Ascent St. Pete is scheduled to open in January 2023 with final construction completion slated for May 2023.

Powered by WPeMatico