Ashcroft Capital marks entry into South Florida with Elliot Cocoplum acquisition

In a significant expansion of its real estate portfolio, Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Cocoplum, a garden-style community strategically located between Boca Raton and Fort Lauderdale. This acquisition not only marks Ashcroft’s foray into the South Florida market but also adds to its growing presence in the Florida real estate sector.

Elliot Cocoplum, formerly known as Advenir at Cocoplum, features 360 apartment homes and townhomes. This addition brings Ashcroft’s apartment community count in Florida to ten. The acquisition was made possible with equity from Ashcroft and affiliates in a partnership with Peaceable Street Capital, showcasing the firm’s continued commitment to expanding its multifamily investments.

Frank Roessler, founder and CEO of Ashcroft, highlighted the Fort Lauderdale metro area’s popularity as a relocation destination, noting its significant population growth since 2010. “The metro has experienced a population growth of 13% since 2010, which bodes well for the long-term health of the regional apartment market,” Roessler said. He emphasized the demand for low-density, garden-style products like Elliot Cocoplum, aligning with Ashcroft’s investment strategy.

Originally built in 1986, Elliot Cocoplum is situated at 4142 Cocoplum Circle and offers a range of one-, two-, and three-bedroom homes, with townhomes comprising nearly half of the units. The community boasts amenities like two swimming pools, a resident clubhouse and business center, fitness center, outdoor kitchen, and a dog park.

Ashcroft’s renovation plans for Elliot Cocoplum are extensive. They include updating amenity spaces, enhancing curb appeal and landscaping, adding electric vehicle charging stations, and implementing in-home improvements such as stainless-steel appliances, vinyl-plank flooring, and smart home technology packages.

David Deitz, president of Birchstone Residential, Ashcroft Capital’s in-house property management company, expressed confidence in modernizing the community to provide an even more attractive option for renters. “Because of its strong history of institutional ownership, the property was delivered in superb condition. We believe we can further modernize the community and deliver outstanding customer service,” Deitz said.

With this acquisition, Ashcroft Capital not only bolsters its portfolio but also strengthens its foothold in the competitive South Florida real estate market. This strategic move is indicative of the firm’s approach to identifying and capitalizing on opportunities in the dynamic multifamily investment landscape.