JACKSONVILLE, FL – Ashcroft Capital, a fully integrated, multi-family investment firm, announced the acquisition of Elliot Baymeadows, a garden-style community based in the Royal Lakes neighborhood of south Jacksonville. Birchstone Residential, Ashcroft Capital's in-house property management company, has taken over management of the community.
Elliot Baymeadows, which offers 352 condominiums, is conveniently located east of Interstate 95 and just a short distance from the major retail areas of Jacksonville and St. Augustine. Purchased through Ashcroft Capital's new $ 150 million Value Add Fund, the property will become Ashcroft's second Jacksonville community to join Southside Villas, which is south of downtown. Ashcroft will be undertaking a series of interior and exterior renovations at Elliot Baymeadows, which were originally built in 1986.
"We firmly believe in the Jacksonville market and look forward to expanding our presence in the city," said Frank Roessler, Founder and CEO of Ashcroft Capital. "We believe Elliot Baymeadows has a tremendous advantage with its convenient location in a desirable, commuter-friendly neighborhood. The community already has its own charm and our planned upgrades will deliver the quality that residents of this submarket have come to expect."
Since inception, Ashcroft Capital has acquired more than 10,000 units in Jacksonville, Dallas-Fort Worth, Orlando, Florida, and Tampa, Florida. Last month, the company entered the Atlanta metro market with the acquisition of Halston Riverside and continues to pursue acquisition opportunities there. Ashcroft Capital is also keen to get into the Charlotte, NC, Raleigh-Durham, NC and Phoenix markets.
Renovations at Elliot Baymeadows include installing quartz countertops, undercounter sinks, stainless steel appliances, tile back panels, vinyl plank floors, new lighting and plumbing fixtures, and an updated color scheme. Renovation work is also planned for the community's clubhouse and fitness facilities, while the exterior of the building is being repainted. The community's equipment package is also being expanded by converting tennis courts into sports fields and adding locker systems.
The Elliot Baymeadows is located at 9480 Princeton Square Boulevard S, minutes from several fine dining restaurants, a Publix grocery store, and the open-air St. Johns Town Center shopping mall. Residents can access I-95 and nearby routes 152 and 115 for easy access to nearby white sand beaches, a variety of schools, and several key locations across the metropolitan area.
"We're not shy in our quest to highlight as one of the best housing options on the market," said David Deitz, President of Birchstone. "We look forward to implementing our unique brand of people-first service in the community and are committed to engaging with our new-found residents. The lake-view location with easy commuter options speaks for itself. Without a doubt, Elliot Baymeadows." a leading property in this Jacksonville submarket. "
Elliot Baymeadows offers a variety of one and two bedroom apartments ranging in size from 500 to 1,100 square feet. The apartment buildings have three-meter-high ceilings, energy-efficient appliances, breakfast bars, washing machines and dryers, large closets and private terraces or balconies.
Public amenities in the pet-friendly community include a 24-hour fitness center, two swimming pools, a courtyard, picnic and BBQ areas, a boardwalk, two tennis courts, a playground, and a pond. Residents also have access to bicycle storage and a parcel delivery service.