Ashcroft Capital, a New York City-based multifamily investment firm, has acquired Elliot Cocoplum, a garden-style community located midway between Boca Raton and Fort Lauderdale in Florida.
Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community and will oversee its upcoming improvements. Elliot Cocoplum (formerly Advenir at Cocoplum) was built in 1986 and features 360 apartment homes and townhomes.
The acquisition marks Ashcroft’s 10th apartment community within Florida and its first in the South Florida market. The community was acquired with equity from Ashcroft and affiliates in a partnership with Peaceable Street Capital; the financial terms of the transaction were not disclosed.
“The Fort Lauderdale metro is one of the most popular destinations for relocation in the nation, as residents continue to migrate from several pockets of the U.S.,” said Frank Roessler, founder and CEO of Ashcroft. “The metro has experienced a population growth of 13% since 2010, which bodes well for the long-term health of the regional apartment market. While new construction in the area has focused on high-density product, we believe that considerable demand still exists for low-density, garden-style products such as Elliot Cocoplum. We’re confident the quiet, suburban environment—along with our upgrades and our commitment to improving the quality of our residents’ lives—will make the community a top-of-market option.”
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